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."
CF101, an A3 adenosine receptor agonist, is a novel, first in class, small molecule, orally bioavailable drug with a proven efficacy in Phase 2 clinical studies and an excellent safety profile. CF101 is currently developed for ophthalmic indications. including dry eye syndrome (Phase 3), glaucoma (Phase 2) and Uveitis. CF101 is also developed for the treatment of autoimmune inflammatory diseases including rheumatoid arthritis (Phase 2b) and psoriasis (Phase 2/3).
About Can-Fite BioPharma Ltd
Can-Fite BioPharma Ltd is a public company, trading on the Tel Aviv Stock Exchange (TASE: CFBI). Can-Fite was founded in 2000 by Prof Pnina Fishman, researcher in the Rabin Medical Center, and Dr. Ilan Cohen, patent attorney and senior partner at Reinhold Cohen Patent Attorneys, on the basis of Prof Fishman's scientific findings, and is focused on the development of small molecule drugs, ligands to the A3 adenosine receptor. The latter mediates anti-inflammatory and anti-cancer effects and is suggested as a biological predictive marker. Can-Fite's lead drug, CF101, is in advanced clinical development for the treatment of autoimmune, inflammatory and ophthalmic diseases. Can-Fite's second drug, CF102, is being developed for the treatment of liver diseases. Can-Fite has a wealth of clinical experience which includes over 700 patients who have participated in clinical trials conducted by it.
About Denali Concrete Management Inc.
Denali Concrete Management Inc. (OTCBB: DCMG) is an advanced clinical-stage biopharmaceutical company focused on developing therapeutic products for the treatment of ophthalmic disorders. Denali's product candidate, CF101, is being developed to treat three ophthalmic indications: dry eye syndrome; glaucoma and uveitis.
This release contains forward-looking statements regarding Denali Concrete Management, Inc.'s future plans and expected performance based on assumptions the Company believes to be reasonable. A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, the success rate of business development efforts and the timeliness of development activities, and other risk factors described from time to time in the Company's reports filed with the SEC. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the Company's control. Denali Concrete Management, Inc. undertakes no obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise. The securities issued in the above transaction have not been and will not be registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
|SOURCE Denali Concrete Management Inc.|
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