BioTuesdays

Can-Fite BioPharma in registered direct offering

Can-Fite

Can-Fite BioPharma (NYSE MKT:CANF; TASE:CFBI) has entered into definitive agreements with existing institutional investors to receive gross proceeds of about $4.8-million.

The company will issue 1,109,196 registered American Depository Shares (ADSs) at a purchase price of $4.35 per ADS in a registered direct offering.

For each ADS, investors will receive an unregistered warrant to purchase 40% of an ADS. The 5 1/2-year warrants have an exercise price of $5.25 per ADS. Closing is set for Oct. 15.

“Following our recent $9-million fund raise in September, we are pleased that the same institutional investors who participated in last month’s round have invested again in Can-Fite’s current registered direct offering,” CEO, Pnina Fishman, said in a statement. “We believe this reflects growing confidence in our company,” she added.

H.C. Wainwright & Co. acted as the exclusive placement agent in connection with the offering.

Sign up for the BioTuesdays weekly newsletter

Get the latest news on the healthcare industry’s corporate and clinical developments, executive moves, and market updates. Every Tuesday, in your inbox.