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Denali Concrete Management Inc. Announces its Acquisition of CF101 for Ophthalmic Indications and the Completion of Above $6 Million Private Placement at $1.144 Per Share
Date:11/22/2011

CARSON CITY, Nev., Nov. 22, 2011 /PRNewswire/ -- Denali Concrete Management Inc. (OTCBB: DCMG) announced today the closing on November 21, 2011 of the reverse acquisition of Denali by Can-Fite BioPharma Ltd. (TASE: CFBI) as a result of which Denali acquired all the outstanding shares of EyeFite Ltd., a private company incorporated in Israel, which has been granted from Can-Fite an exclusive license over CF101 for ophthalmic indications. Concurrently, Denali completed a private placement of above US$6 Million from institutional investors (including Can-Fite) at a price of $1.144 per share. Following the transaction, Can-Fite owns stock of Denali representing approximately 82.3% of the fully diluted share capital of Denali, which consists of approximately 49 million shares.

As a result of the closing, Denali became an advanced clinical-stage biopharmaceutical company focused on developing therapeutic products for the treatment of ophthalmic indications. CF101 (known generically as IB-MECA), is being developed to treat three ophthalmic indications: dry eye syndrome; glaucoma and uveitis. Denali is currently: (i) initiating a Phase 3 trial with respect to the development of CF101 for dry eye syndrome, under an Investigational New Drug, or IND, application with the United States Food and Drug Administration, or FDA; (ii) conducting a Phase II trial with respect to the development of CF101 for the treatment of glaucoma; and (iii) preparing for Phase II study of the development of CF101 for uveitis.

Dr. Pnina Fishman, our interim CEO stated, "The transaction between Denali and Can-Fite provides an exciting opportunity to expose CF101 and its clinical program for ophthalmic indications to US investors and collaborators. The successful private placement in Denali, enables the swift commencement of the Phase 3 with respect to the development of CF101 for dry eye syndrome."

About CF101

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