Can-Fite BioPharma receives mileston payment from CKD
Can-Fite BioPharma announced it has received a milestone payment in the amount of $500,000 from Chong Kun Dang Pharmaceuticals, which has licensed the exclusive right to distribute Namodenosonfor the treatment of liver cancer in Korea upon receipt of regulatory approvals. This is the second payment received by Can-Fite, as part of the Korean distribution agreement with CKD which is valued at up to $3M in upfront and milestone payments plus 23% royalties on sales of Namodenoson. Can-Fite has received $1M to date from CKD and may receive up to an additional $2,000,000 in milestone payments. Under the distribution agreement with CKD, Can-Fite will supply Namodenoson to CKD, which will be responsible for all costs and activities associated with development, regulatory approvals, marketing, sales and distribution of Namodenoson in Korea. This agreement with CKD marks Can-Fite's second distribution and licensing deal in Korea, where the Company's drug candidate Piclidenoson has been out-licensed to Kwang Dong Pharmaceutical Co. for the treatment of rheumatoid arthritis.