In July 2016, we released top-line results from our Phase II trial with respect to the development of CF101 for the treatment of glaucoma or related syndromes of ocular hypertension. In this trial, no statistically significant differences were found between the CF101 treated group and the placebo group in the primary endpoint of lowering intra ocular pressure ("IOP"). CF101 was found to have a favorable safety profile and was well tolerated.
Subsequently, in September 2016, our board of directors and Can-Fite BioPharma Ltd. ("Can-Fite"), our parent and majority shareholder consented in writing to, among other things, our voluntary dissolution and liquidation pursuant to a Plan of Dissolution, which would result in our complete dissolution and liquidation. The Plan of Dissolution was expected to go into effect 20 days after the date an information statement (the "Information Statement") is first given to all our shareholders who did not execute the written consent. In connection with the Plan of Dissolution, we planned to enter into a share purchase agreement with Can-Fite providing for the sale to Can-Fite of all the ordinary shares of our wholly owned subsidiary, Eyefite Ltd. ("Eyefite"), which at the time will be a holder of 446,827 of Can-Fite's ordinary shares. As a result of the sale, Eyefite would have become a wholly-owned subsidiary of Can-Fite. In exchange for the sale, Can-Fite would waive and cancel all indebtedness owed by us and Eyefite to Can-Fite, including approximately $4.5 million of deferred payments owed by us and Eyefite to Can-Fite and, as part of the purchase of Eyefite, Can-Fite would assume certain accrued milestone payments in the amount of $175,000 under a license agreement entered into between Can-Fite and Eyefite. Following the sale of Eyefite, it was expected that (i) Eyefite may, in its sole discretion, sell or otherwise transfer the 446,827 of our ordinary shares that it owns, (ii) Can-Fite would mutually terminate the license agreement entered into with Eyefite and a related services agreement, and (iii) Eyefite would abandon certain patents and patent applications that it is the registered owner of.
