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Can-Fite Announces Preparation for End-of-Phase II Meeting with FDA to Initiate the Phase III Liver Cancer Study for Namodenoson

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Fast Track and Orphan Drug Status; No treatment currently exists
for advanced liver cancer patients in whom the current standard of care
does not work

Can-Fite
BioPharma
Ltd. (NYSE:CANF) (TASE:CFBI), a biotechnology
company with a pipeline of proprietary small molecule drugs that address
cancer, liver and inflammatory diseases, announced today it is
conducting preparatory work for a planned pivotal Phase III study of its
drug candidate Namodenoson in the treatment of advanced liver cancer in
patients as a first line and second line treatment. The Company recently
announced results from its Phase II study of Namodenoson in the
treatment of advanced liver cancer. Namodenoson was found to increase
overall survival in hepatocellular carcinoma (HCC) patients with Child
Pugh B7, the largest subpopulation of the study, as compared to placebo,
even though the trial did not meet its primary endpoint.

An end of Phase II meeting with the U.S. Food and Drug Administration to
review study data and to present the design of the Phase III clinical
trial is expected soon. The FDA has granted Namodenoson both Orphan Drug
and Fast Track status providing a pathway for accelerated approval based
on unmet need in the treatment of advanced liver cancer. Fast Track
designation offers
advantages including more frequent meetings with the FDA and rolling
review, which provides the opportunity to submit parts of its New Drug
Application (NDA) for review prior to completing the entire application
for commercialization. Orphan Drug designation includes
7-year market exclusivity following marketing approval, FDA assistance
during the drug development process, and exemption of application fees.

Key Opinion Leader in liver cancer, Dr. Josep Llovet is slated to be the
Principal Investigator of the planned Phase III trial and is currently
working closely with Can-Fite on the study's protocol and design. Dr.
Llovet is the Director of the Liver Cancer Program and Full Professor of
Medicine at the Mount Sinai School of Medicine, New York University, and
Professor of Research-ICREA Liver Unit, IDIBAPS-Hospital Clinic,
University of Barcelona.

Dr. Llovet commented, "Today, patients with advanced liver cancer
and severe liver dysfunction do not have any accepted
standard of care that is effective. Based on Namodenoson's signal of
efficacy in the recently completed Phase II trial, a Phase III study in
the population of patients with HCC Child Pugh B7 is warranted and I am
pleased to help with the design of the Phase III study and to serve as
the Principal Investigator of the trial."

Can-Fite has engaged the services of a clinical research organization
(CRO), the Weinberg Group, based in Washington DC to help with the
preparation of all materials for the FDA meeting.

"We look forward to our upcoming meeting with the FDA regarding our
Phase III study design. We are hopeful that based on efficacy data in
the largest subgroup of the patient population from our Phase II study,
we can move forward into a pivotal Phase III trial for marketing
approval with the guidance of the FDA," stated Can-Fite CEO Pnina
Fishman."

About Namodenoson

Namodenoson is a small orally bioavailable drug that binds with high
affinity and selectivity to the A3 adenosine receptor (A3AR).
Namodenoson is being evaluated in Phase II trials for two indications,
as a second line treatment for hepatocellular carcinoma, and as a
treatment for non-alcoholic fatty liver disease (NAFLD) and
non-alcoholic steatohepatitis (NASH). A3AR is highly expressed in
diseased cells whereas low expression is found in normal cells. This
differential effect accounts for the excellent safety profile of the
drug.

About Can-Fite BioPharma Ltd.

Can-Fite BioPharma Ltd. (NYSE:CANF) (TASE: CFBI) is an
advanced clinical stage drug development Company with a platform
technology that is designed to address multi-billion dollar markets in
the treatment of cancer, inflammatory disease and sexual dysfunction.
The Company's lead drug candidate, Piclidenoson, is currently in Phase
III trials for rheumatoid arthritis and psoriasis. Can-Fite's liver
cancer drug, Namodenoson, recently completed a Phase II trial for
hepatocellular carcinoma (HCC), the most common form of liver cancer,
and is in a Phase II trial for the treatment of non-alcoholic
steatohepatitis (NASH). Namodenoson has been granted Orphan Drug
Designation in the U.S. and Europe and Fast Track Designation as a
second line treatment for HCC by the U.S. Food and Drug Administration.
Namodenoson has also shown proof of concept to potentially treat other
cancers including colon, prostate, and melanoma. CF602, the Company's
third drug candidate, has shown efficacy in the treatment of erectile
dysfunction in preclinical studies and the Company is investigating
additional compounds, targeting A3AR, for the treatment of sexual
dysfunction. These drugs have an excellent safety profile with
experience in over 1,000 patients in clinical studies to date. For more
information please visit: www.can-fite.com.

Forward-Looking Statements

This press release may contain forward-looking statements, about
Can-Fite's expectations, beliefs or intentions regarding, among other
things, market risks and uncertainties, its product development efforts,
business, financial condition, results of operations, strategies or
prospects. In addition, from time to time, Can-Fite or its
representatives have made or may make forward-looking statements, orally
or in writing. Forward-looking statements can be identified by the use
of forward-looking words such as "believe," "expect," "intend," "plan,"
"may," "should" or "anticipate" or their negatives or other variations
of these words or other comparable words or by the fact that these
statements do not relate strictly to historical or current matters.
These forward-looking statements may be included in, but are not limited
to, various filings made by Can-Fite with the U.S. Securities and
Exchange Commission, press releases or oral statements made by or with
the approval of one of Can-Fite's authorized executive officers.
Forward-looking statements relate to anticipated or expected events,
activities, trends or results as of the date they are made. Because
forward-looking statements relate to matters that have not yet occurred,
these statements are inherently subject to risks and uncertainties that
could cause Can-Fite's actual results to differ materially from any
future results expressed or implied by the forward-looking statements.
Many factors could cause Can-Fite's actual activities or results to
differ materially from the activities and results anticipated in such
forward-looking statements. Factors that could cause our actual results
to differ materially from those expressed or implied in such
forward-looking statements include, but are not limited to: our history
of losses and needs for additional capital to fund our operations and
our inability to obtain additional capital on acceptable terms, or at
all; uncertainties of cash flows and inability to meet working capital
needs; the initiation, timing, progress and results of our preclinical
studies, clinical trials and other product candidate development
efforts; our ability to advance our product candidates into clinical
trials or to successfully complete our preclinical studies or clinical
trials; our receipt of regulatory approvals for our product candidates,
and the timing of other regulatory filings and approvals; the clinical
development, commercialization and market acceptance of our product
candidates; our ability to establish and maintain strategic partnerships
and other corporate collaborations; the implementation of our business
model and strategic plans for our business and product candidates; the
scope of protection we are able to establish and maintain for
intellectual property rights covering our product candidates and our
ability to operate our business without infringing the intellectual
property rights of others; competitive companies, technologies and our
industry; statements as to the impact of the political and security
situation in Israel on our business; and risks and other risk factors
detailed in Can-Fite's filings with the SEC and in its periodic filings
with the TASE. In addition, Can-Fite operates in an industry sector
where securities values are highly volatile and may be influenced by
economic and other factors beyond its control. Can-Fite does not
undertake any obligation to publicly update these forward-looking
statements, whether as a result of new information, future events or
otherwise.

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