Can-Fite BioPharma Raises $10.5M in Public Offering
Ticker: CANF · Form: 6-K · Filed: Aug 9, 2024 · CIK: 1536196
| Field | Detail |
|---|---|
| Company | Can-Fite Biopharma LTD. (CANF) |
| Form Type | 6-K |
| Filed Date | Aug 9, 2024 |
| Risk Level | medium |
| Pages | 1 |
| Reading Time | 1 min |
| Key Dollar Amounts | $5.0 Million |
| Sentiment | bullish |
Sentiment: bullish
Topics: public-offering, financing, r&d, biotech
Related Tickers: CFBI
TL;DR
CFBI closed a $10.5M offering at $6/share, funding R&D and working capital.
AI Summary
On August 8, 2024, Can-Fite BioPharma Ltd. announced the closing of its previously disclosed underwritten public offering, raising gross proceeds of approximately $10.5 million before deducting underwriting discounts and commissions and other offering expenses. The company issued approximately 1.75 million ordinary shares at a price of $6.00 per share. Can-Fite BioPharma intends to use the net proceeds for general corporate purposes, including research and development activities and working capital.
Why It Matters
This capital infusion provides Can-Fite BioPharma with crucial funding to advance its drug development pipeline, potentially leading to new treatments and increased shareholder value.
Risk Assessment
Risk Level: medium — While the capital raise is positive, the company's success is still dependent on the efficacy and approval of its drug candidates.
Key Numbers
- $10.5M — Gross Proceeds (Funds raised from the public offering before expenses.)
- $6.00 — Offering Price (Price per ordinary share in the public offering.)
- 1.75 million — Shares Issued (Number of ordinary shares sold in the public offering.)
Key Players & Entities
- Can-Fite BioPharma Ltd. (company) — Issuer of the filing and recipient of the capital raise.
- $10.5 million (dollar_amount) — Gross proceeds raised in the public offering.
- August 8, 2024 (date) — Date of the closing of the public offering.
- $6.00 (dollar_amount) — Price per ordinary share in the public offering.
- 1.75 million (dollar_amount) — Number of ordinary shares issued in the public offering.
FAQ
What is the primary use of the net proceeds from the public offering?
The net proceeds are intended for general corporate purposes, including research and development activities and working capital.
When did Can-Fite BioPharma Ltd. close its underwritten public offering?
The offering was closed on August 8, 2024.
What was the gross amount raised in the public offering?
The gross proceeds raised were approximately $10.5 million.
At what price were the ordinary shares offered?
The ordinary shares were offered at a price of $6.00 per share.
How many ordinary shares were issued in the offering?
Approximately 1.75 million ordinary shares were issued.
Filing Stats: 266 words · 1 min read · ~1 pages · Grade level 9.9 · Accepted 2024-08-09 06:07:53
Key Financial Figures
- $5.0 Million — Exercise of Warrants for Approximately $5.0 Million in Gross Proceeds.” A copy of thi
Filing Documents
- ea021093203-6k_canfite.htm (6-K) — 10KB
- ea021093203ex99-1_canfite.htm (EX-99.1) — 12KB
- 0001213900-24-066794.txt ( ) — 23KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: August 9, 2024 By: /s/ Motti Farbstein Motti Farbstein Chief Executive Officer and Chief Financial Officer 2