Can-Fite subsidiary, OphthaliX, Signs Term Sheet to Acquire Improved Vision Systems Ltd.
New OphthaliX strategy aims to combine ophthalmic medical devices and pharmaceutical products to address multi-billion dollar markets in treating ophthalmic diseases
PR Newswire Can-Fite BioPharma Ltd.
PETACH TIKVA, Israel, May 4, 2015 /PRNewswire/ -- Can-Fite BioPharma Ltd. (NYSE MKT: CANF) (CFBI.TA), a biotechnology company with a pipeline of proprietary small molecule drugs that address inflammatory and cancer diseases, announced today that its subsidiary, OphthaliX, Inc. (OPLI), has signed a non-binding term sheet to acquire Israel-based Improved Vision Systems Ltd. (I.V.S.).
I.V.S. develops breakthrough medical device technologies to improve sight, diagnose and offer therapy for a variety of ocular diseases including glaucoma, age related macular degeneration (AMD), diabetic retinopathy and oculo-motor pathologies, addressing multi-billion dollar markets. I.V.S. is developing two types of products: (1) an indoor eye tracking solution, attachable to any screen including TVs, computers, tablets, etc., that manipulates the image shown to the user in such a way as to best compensate for such user's specific clinical impairment; and (2) a goggles-based mobile device which generates high definition displays that are manipulated and moved based on the device's ability to track each eye individually, thus restoring mobility and independence to visually impaired people.
OphthaliX announced it is committed to continuing its development program for its drug candidate CF101, a neuro-protective and anti-inflammatory drug, for the treatment of glaucoma. Patients are currently enrolled for the second segment of the Phase II study and are treated orally with CF101.
The proposed acquisition of I.V.S is subject to the signing of definitive transaction documents and the completion of closing conditions which are expected to include the satisfactory completion of customary due diligence, obtaining of necessary approvals, the raising of capital by OphthaliX and an up-listing of OphthaliX to a national securities exchange in the United States. Upon closing of the acquisition, I.V.S. executives Ran Yam and Dan Oz are expected to join OphthaliX's Board of Directors. Additionally, upon closing Ran Yam is expected to be appointed Chief Executive Officer of OphthaliX and Dan Oz Chief Technology Officer, bringing their long and successful track records in the medical device field to OphthaliX.
"I.V.S. is a very innovative company that is developing truly breakthrough medical devices to address a range of ophthalmic conditions. We believe this proposed acquisition would re-position OphthaliX as a company that addresses substantial ophthalmologic markets through both medical devices and pharmaceutical products," stated Dr. Pnina Fishman, Can-Fite and OphthaliX CEO. "We are diligently working on moving this acquisition transaction forward and if completed, we believe the synergies of the two companies will enhance OphthaliX's overall value."
There can be no assurance that the transactions contemplated by the term sheet will be completed.
About CF101
CF101, an A3 adenosine receptor agonist, is a novel, first in class, small molecule, orally bioavailable drug with a favorable therapeutic index demonstrated in Phase II clinical studies. CF101 is currently developed for the treatment of autoimmune inflammatory diseases including rheumatoid arthritis (completed Phase II) and psoriasis (Phase II/III).
