Can-Fite BioPharma Ltd. (TASE:CFBI) posted NIS 1.2 million revenue for the second quarter of 2010, up from NIS 484,000 for the corresponding quarter of 2009. First half revenue, however, fell to NIS 1.7 million from NIS 2.3 million for the first half of last year.
Revenue was driven by licensing for the development and marketing in Japan and South Korea of Can-Fite's CF101 drug for the treatment of inflammations and dry-eye syndrome.
Can-Fite, founded by CEO Prof. Pnina Fishman, is developing a range of treatments for liver cancer, psoriasis, dry-eye syndrome, and other diseases.
Can-Fite narrowed its net loss by 68% to NIS 2.1 million (NIS 0.01 per share) for the second quarter from NIS 6.6 million for the corresponding quarter. Most of the reduction was due to lower R&D costs to NIS 2.8 million for the second quarter from NIS 5 million for the corresponding quarter.
Can-Fite had NIS 12.9 million in cash at the end of June.
Can-Fite's share price rose 2.1% by mid-afternoon to NIS 0.49, giving a market cap of NIS 104 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 29, 2010
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