Can-Fite BioPharma Signs South Korean Distribution Agreement for Psoriasis Treatment Drug

NYSE and Tel Aviv-listed Israeli pharmaceutical company Can-Fite BioPharma Ltd. has signed a distribution agreement with South Korea-based Kyongbo Pharm Co. Ltd., to distribute Can-Fite’s psoriasis treatment drug Piclidenoson (CF101), the former announced Thursday.The agreement, valued at $750,000 with additional payments of up to $3.25 million depending on milestones, is contingent upon regulatory approval of the drug, currently in phase 3 clinical trials.

Founded in 2000, Can-Fite develops small molecule drugs used in the treatment of psoriasis, liver and inflammatory diseases, and cancer. In April, the company signed an expansion of its licensing agreement with South Korea-based Chong Kun Dang (CKD) Pharmaceuticals for Can-Fite's drug for non-alcoholic steatohepatitis (NASH), a condition that occurs when fat builds up in the liver. Can-Fite also has a licensing, development, and distribution agreement with CMS Medical Venture Investment Ltd., a wholly-owned subsidiary of China Medical System Holdings Ltd., which the company signed in 2018.