Can-Fite BioPharma Ltd. (TASE:CFBI) is one of the few Israeli companies to have brought a major drug through Phase II clinical trials with the US Food and Drug Administration (FDA). 888 Holding plc (LSE:888) controlling shareholder Aharon Shaked has been seeking other companies in which to invest, and Can-Fite is one of them.
Shaked and his daughter Tali became parties at interest in Can-Fite 15 months ago, after reaching a combined holding of 6.4% in the company. An examination by "Globes" found that they has since become the largest private party at interest following an investment of $6-7 million, which nearly doubled their combined holding and voting rights to 12.6%.
Other parties at interest in Can-Fite are Giza Venture Capital (10.1%), Yozma Venture Capital (8.3%), Ascend Technology (8.3%), and Vitalife Life Sciences Venture (5.7%) Can-Fite founder and CEO Pnina Fishman owns just 0.1% of the company's share capital, not including options.
Shaked will reportedly not be satisfied with his current stake in the company and will exploit its current market price to buy shares, with the possible aim of reaching a 20% holding.
Can-Fite has two molecules undergoing clinical trials. CF101 is undergoing Phase IIb trials for rheumatoid arthritis and Phase IIa trials for the treatment of dry eye syndrome and psoriasis. CF102 is undergoing Phase I trials for the treatment of viral liver diseases and liver cancer.
Published by Globes [online], Israel business news - www.globes-online.com - on April 30, 2008
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