Biotechnology company Can-Fite BioPharma Ltd. CANF announced Tuesday it has partnered with the medical cannabis company Univo Pharmaceuticals to work on developing cannabinoid-based pharmaceuticals for treating cancer, autoimmune, metabolic and inflammatory diseases.
The agreement has two main provisions:
- Can-Fite and Univo will work together on the discovery, development and commercialization of medical cannabis-based therapeutics, with Can-Fite having a first right to ask for clinical development of those cannabis components.
- Can-Fite will work on creating a screening assay for recognizing therapeutically active cannabis components, and Univo shall promote the assay to other pharmaceutical companies across the world.
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Per the agreement, Univo will supply Can-Fite with cannabis components and allow it to use its laboratories for research and production.
Meanwhile, Can-Fite will pay Univo $500,000 in two installments and it will issue to Univo around 19.9 million of its ordinary shares through a private placement.
Revenues obtained from the partnership will be fairly shared between the two companies based on each party’s contribution.
“Can-Fite’s deep expertise in A3 adenosine receptors is a significant asset in our joint collaboration and we are pleased to have formed this alliance,” Univo CEO Golan Bitton said in a statement.
“Can-Fite has taken its drug candidates into Phase II and Phase III clinical studies and this makes Can-Fite highly suitable to take cannabis-based therapeutics into fully fledged clinical development.”
Can-Fite shares were rallying by 10.88% at $2.65 at the time of publication Tuesday.
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