Can-Fite signs multi-million dollar distribution agreement for Piclidenoson
Can-Fite BioPharma announced it has signed a distribution agreement with Gebro Holding GmBH to distribute Can-Fite's lead drug candidate, Piclidenoson, for the treatment of rheumatoid arthritis and psoriasis in 3 European countries including Spain, Switzerland and Austria, upon receipt of regulatory approvals. Under the terms of the distribution agreement, Gebro is making a total upfront and milestone payment of approximately $2,000,000 to Can-Fite. In addition, the agreement provides that additional payments of up to approximately $7,000,000 will be received by Can-Fite upon the achievement of certain regulatory, launch and sales milestones plus double-digit percentage royalty payments on net sales. Can-Fite recently initiated patient enrolment for its Phase III ACRobat trial of Piclidenoson for the treatment of rheumatoid arthritis. Upon receipt of payments due at signing of the agreement, the company believes that its shareholders' equity is above $4M.