Shares of biotechnology firm Can-Fite BioPharma (NYSE American: CANF) have jumped on Tuesday after the company announced it has signed an exclusive distribution agreement with Switzerland-based Ewopharma for Piclidenoso in treating psoriasis and Namodenoson in the treatment of liver diseases, namely, hepatocellular carcinoma.
Can-Fite opened at $4.16. They are currently up 80.15% at $3.68 per share.
Can-Fite will receive $2.25 million upfront with up to an additional $40.45 million payable upon the achievement of regulatory and sales milestones plus 17.5% royalties on net sales.
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Pharmaceutical marketing organization Ewopharma will have the exclusive right to market and sell Piclidenoson and Namodenoson in Central Eastern European countries. They can also market and sell Namodenoson in Switzerland. Ewopharma can extend the distribution agreement to new indications that Can-Fite may identify for its drug candidates.
“This is a high-value deal that brings Can-Fite non-dilutive funding, and upon regulatory approval, it gives our products immediate access and distribution in the European market,” stated Can-Fite VP Business Development Dr Sari Fishman.
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