Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
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.
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.
Should you invest in Can-Fite BioPharma shares? One of the most frequently asked questions we get is, “what stocks are best to buy right now?” It's a wide-ranging question, but one that we have answered… Our AskTraders stock analysts regularly review the market and compile a list of which companies you should be adding to your portfolio, including short and longer-term positions. Here are the best stocks to buy right now…
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .