The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Can-Fite BioPharma Ltd. (NYSE:CANF) (TASE: CFBI), an advanced clinical-stage drug development company, has received a very positive "Buy" rating from the H.C. Wainwright & Co. rating system as it continues to sign new distribution agreements important to the long-term outlook of the company.

Among the observations made by H.C. Wainwright & Co., which employs a three-tier rating system for evaluating both the potential return and risks associated with owning common equity shares of rated firms were:

Can-Fite enrolled its first patient on March 5, in a randomized, double-blind, placebo-controlled Phase 2 study to evaluate twice-daily 2mg piclidenoson as a potential adjunct treatment to standard supportive care (SSC) versus placebo in patients hospitalized with moderate-to-severe COVID-19. We do not include applications of piclidenoson in this indication in our models but do believe positive results in COVID-19 have high-value potential.

Can-Fite has shown significant progress advancing piclidenoson and namodenoson, the company's novel, first-in-class, small molecule A3 adenosine receptor (A3AR) agonists, on multiple fronts. We look for top-line results 4Q 2021 from an ongoing Phase 3 study with piclidenoson, and the advancement of namodenoson into Phase 3 studies by year-end 2021, to be positive catalysts. We reiterate our Buy rating and $5 PT.

Can-Fite has signed six distribution agreements for Piclidenoson and Namodenoson and has remaining potential milestone payments of up to approximately $130 million, in addition to double-digit royalties on net sales following regulatory approval. The company has collected over $20 million in non-dilutive upfront and milestone payments.

For more information visit: www.can-fite.com.