Can-Fite BioPharma Ltd. (TASE:CFBI) has signed a memorandum of understanding with Morningside Asia Venture (HK) Ltd. to set up a joint venture in Hong Kong, which will receive commercialization rights Can-Fite's CF102 treatment for liver cancer and hepatitis in China, Hong Kong, Macau, and Taiwan. The joint venture will have exclusive responsibility to develop CF102 for these markets.
Can-Fite's share rose 13% by early afternoon to NIS 9.71.
Morningside will inject all the $7.5 million in capital necessary for preclinical and clinical development of CF102 through the Phase II clinical trial for this market. Can-Fite will design and supervise the necessary tasks, and provide all pertinent information in its possession about the drug in order to obtain regulatory permits for it. Can-Fite will also receive all results and information from the drug's preclinical and clinical development by the joint venture, and can use this information for purposes outside the territory of the agreement.
Can-Fite CEO Pnina Fishman said, "This is an agreement with a biotechnological firm that is considered one of the global leaders in the field, which has been following Can-Fite and its technology for three years. This agreement expresses its great faith in CF102 and its immense potential."
Can-Fite is currently undertaking a Phase I/II clinical trial in Israel of CF102 drug for the treatment of liver cancer on the basis of an US Food and Drug Administration (FDA) Investigational New Drug (IND) application. The company has recruited over 700 patients for this trial.
Fishman added that the agreement with Morningside will be expanded because of "the great potential in the Chinese market for CF102." She said that currently almost 500,000 Chinese suffer from liver cancer and 38 million have hepatitis C. "These figures are part of the reason why Morningside is prepared to invest and finance joint development of CF102."
Published by Globes [online], Israel business news - www.globes-online.com - on January 19, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010