Can-Fite BioPharma receives $2M payment from CMS Medical Venture Investment
Can-Fite BioPharma announced it has received its first payment of $2M from CMS Medical Venture Investment. Can-Fite recently announced entering into a development, registration and marketing agreement with CMS for the exclusive right of Can-Fite's lead drug candidates, Piclidenoson, or CF101, for the treatment of rheumatoid arthritis and psoriasis and Namodenoson, or CF102, for the treatment of advanced liver cancer and NAFLD/NASH in China. The recently signed CMS agreement adds to the agreements that the company already has in place with Cipher Pharmaceuticals, Kwang Dong Pharmaceutical, Chong Kun Dang and Gebro Pharma. Under the terms of the agreement, in addition to the upfront payment of $2M, CMS is required to pay to Can-Fite milestone payments of up to $14M upon the achievement of certain regulatory milestones and payments of up to $58.5M upon the achievement of certain sales milestones. In addition, the agreement provides for double-digit royalty payments on net sales.