Can-Fite BioPharma Ltd. (TASE:CFBI) has obtained Ministry of Health approval for a Phase IIb clinical trial of CF-101 for the treatment of rheumatoid arthritis. The trial will include 80 patients. Half will receive the drug, and the other half will receive a placebo.
Can-Fite estimates the global market for treating rheumatoid arthritis at $40 billion a year. Rheumatoid arthritis is a chronic autoimmune disease that affects the cartilage in the joints, gradually destroying it.
CF-101 is an anti-inflammatory drug that has demonstrated effectiveness in clinical trials for the treatment of psoriasis and dry-eye syndrome. It is taken as a stand-alone drug.
Can-Fite has commercialization and marketing agreements for CF-101 with Japan's Seikagaku Corporation (SKK) (TSE: 4548) and South Korea's Kwang Dong Pharmaceutical Co. Ltd. for the treatment of autoimmune inflammatory diseases, including rheumatoid arthritis. The company has received to date $7.5 million of the aggregate $22 million from these agreements, and said that it expects to continue to receive substantial royalties on sales in the two countries.
Can-Fite's share price rose 5.1% in early trading today to NIS 0.58, giving a market cap of NIS 120 million.
Published by Globes [online], Israel business news - www.globes-online.com - on June 27, 2010
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