Drug developer Can-Fite BioPharma Ltd. (TASE:CFBI) has published the structure of its planned offering in which it expects to raise NIS 15 million. The company will offer to the public 10,000 units, with each unit comprising 1,875 shares, 1,250 Series 4 Warrants, and 1,250 Series 5 Warrants at a minimum price of NIS 1,500 per unit.
The offering is the first equity offering on the Tel Aviv Stock Exchange (TASE) so far this year. Until now, there have only been rights offerings and private placements.
Can-Fite's shelf prospectus for the offering follows a notice to the TASE from July 1. It states that proceeds from the offering will finance continuation of the Phase II clinical trial of CF101 for the treatment of dry-eye syndrome. In May, the company announced success in the clinical trial, and said that it was considering various options, including whether to continue the Phase II trial to test the drug's effectiveness, or to move to the Phase III trial.
Can-Fite's share fell 8.9% by midday to NIS 0.80, giving a market cap of NIS 172 million. The share has risen 227% since the beginning of the year.
Published by Globes [online], Israel business news - www.globes-online.com - on July 6, 2009
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