UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
Under the Securities Exchange Act of 1934
For the Month of November 2023
001-36203
(Commission File Number)
CAN-FITE BIOPHARMA LTD.
(Exact name of Registrant as specified in its charter)
10 Bareket Street
Kiryat Matalon, P.O. Box 7537
Petach-Tikva 4951778, Israel
(Address of principal executive offices)
Indicate by check mark whether the registrant files
or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
The press release attached to this Form 6-K is hereby
incorporated by reference into the registrant’s Registration Statements on Form S-8 (File Nos. 333-227753 and 333-271384)
and Form F-3 (File Nos. 333-195124, 333-236064, 333-249063 and 333-262055), to be a part there of from
the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.
On November 21, 2023, Can-Fite BioPharma Ltd. issued
a press release entitled “Can-Fite Announces Exercise of Warrants for Approximately $3.0 Million in Gross Proceeds”. A copy
of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Exhibit Index
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: November 21, 2023 |
By: |
/s/ Motti Farbstein |
|
|
Motti Farbstein |
|
|
Chief Executive Officer and Chief Financial Officer |
Exhibit 99.1
Can-Fite
Announces Exercise of Warrants for Approximately $3.0 Million in Gross Proceeds
PETACH TIKVA, Israel,
Nov. 21, 2023 (GLOBE NEWSWIRE) -- Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE: CANF), a biotechnology company advancing
a pipeline of proprietary small molecule drugs that address oncological and inflammatory diseases, today announced the entry into a definitive
agreement for the immediate exercise of certain outstanding warrants to purchase up to an aggregate of 1,963,637 American Depositary
Shares (ADSs), having exercise prices ranging from $6.00 to $5.50 per ADS, issued by Can-Fite in December 2021 and January 2023, at a
reduced exercise price of $1.53 per share. The ADSs representing ordinary shares issuable upon exercise of the warrants are registered
pursuant to effective registration statements on Form F-3 (File No. 333-262055) and Form F-1 (File No. 333-269485. The closing of the
offering is expected to occur on or about November 24, 2023, subject to satisfaction of customary closing conditions.
H.C. Wainwright &
Co. is acting as the exclusive placement agent for the offering.
In consideration for
the immediate exercise of the warrants for cash, Can-Fite will issue new unregistered warrants to purchase up to 3,927,274 ADSs. The
new warrants will have an exercise price of $1.75 per share, will be immediately exercisable and have a term of exercise equal to five
years from the date of issuance. In addition, Can-Fite has agreed to reduce the exercise price of series B warrants to purchase 1,363,637
ADSs held by the warrant holder from $5.50 per ADS to $1.75 per ADS and extend the term of such series B warrants to twenty months from
the closing date.
The gross proceeds to
Can-Fite from the exercise of the warrants are expected to be approximately $3.0 million, prior to deducting placement agent fees and
offering expenses. The Company intends to use the net proceeds for funding research and development and clinical trials and for other
working capital and general corporate purposes.
The new warrants described
above were offered in a private placement pursuant to an applicable exemption from the registration requirements of the Securities Act
of 1933, as amended (the "1933 Act"), and, along with the ADSs issuable upon exercise, have not been registered under the 1933
Act, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission ("SEC")
or an applicable exemption from such registration requirements. Can-Fite has agreed to file a registration statement with the SEC covering
the resale of the shares of ADSs issuable upon exercise of the new warrants.
This press release does
not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, nor shall there be any sale of
these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration
or qualification under the securities laws of any such state or other jurisdiction.
About Can-Fite BioPharma Ltd.
Can-Fite BioPharma Ltd.
(NYSE American: 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, liver, inflammatory disease and COVID-19. The Company's lead drug
candidate, Piclidenoson, is currently in a Phase III trial for psoriasis and a Phase II study in the treatment of moderate COVID-19.
Can-Fite's liver drug, Namodenoson, is headed into a Phase III trial for hepatocellular carcinoma (HCC), the most common form of liver
cancer, and a Phase IIb 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. These drugs have an excellent safety profile with experience
in over 1,500 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.
For example, the Company is using forward-looking statements when it discusses the timing and completion of the offering, the satisfaction
of customary closing conditions related to the offering and the intended use of proceeds therefrom. 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 impact of the COVID-19 pandemic; 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.
Contact
Can-Fite BioPharma
Motti Farbstein
info@canfite.com
+972-3-9241114
Can Fite BioPharma (AMEX:CANF)
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