Can-Fite BioPharma Ltd. (TASE:CFBI) today filed an IND application with the US Food and Drug Administration (FDA) to conduct Phase I clinical trials for CF102 for the treatment of liver cancer, hepatitis, and other liver diseases, and for the regeneration of liver tissue. Assuming FDA approval, the company expects to begin the trial in early 2008. The company estimates the market potential for these treatments at $4 billion.
CF102 is Can-Fite's second drug, after CF101 for rheumatoid arthritis, based on the company's platform, based on the discovery that muscle cells release small molecules with anti-cancer activity. CF102 has passed preclinical trials, including large-scale production, development of the drug formula, toxicity trials, secretion from the blood, and metabolism.
Can-Fite noted that liver cancer affects 450,000 new persons a year and is especially prevalent among people suffering from hepatitis and heavy drinkers. The disease in common in the Far East because of the high incidence of hepatitis there. The company estimates the liver cancer market at $500 million, because of the lack of effective treatments.
Can-Fite CEO Pnina Fishman said, "We're progressing in line with our timetable for Phase I clinical trials of CF102. We're satisfied that with the start of the trial, Can-Fite will become a company with two excellent drugs in the pipeline, undergoing clinical trials, for the treatment of a range of cancers, viral, autoimmune, and inflammatory diseases."
Last week, the company reported that its loss rose to NIS 32.5 million in January-September 2007 from NIS 22.4 million for the corresponding period in 2006, as R&D expenditures rose to NIS 28.4 million from NIS 26.1 million.
Published by Globes [online], Israel business news - www.globes-online.com - on December 2, 2007
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