Can-Fite BioPharma has announced that its subsidiary, OphthaliX has signed a definitive agreement to purchase Improved Vision Systems Ltd. an Israel-based company. According to the agreement OphthaliX will issue to the sellers and option holders of I.V.S. at the initial closing such number of shares of OphthaliX common stock and OphthaliX options which are equal to an aggregate of approximately 14% of the issued and outstanding capital stock of OphthaliX on a fully diluted basis. This is immediately following the initial closing.
According to the transaction, OphthaliX has agreed to issue to the sellers and option holders of I.V.S. such number of shares of OphthaliX common stock and OphthaliX options which is also equal to an aggregate of approximately 11% of the issued and outstanding capital stock of OphthaliX on a fully diluted basis upon the attainment of certain milestones.
The closing of the acquisition is subject to certain closing conditions including the raising of capital by OphthaliX and an up-listing of OphthaliX to a national securities exchange in the United States. No shares of OphthaliX’s parent company, Can-Fite BioPharma, are included in this acquisition transaction.
Improved Vision Systems creates breakthrough medical device technologies that aims to improve sight, diagnose and offer therapy for a variety of ocular diseases such as glaucoma, age related macular degeneration (AMD), diabetic retinopathy and oculo-motor pathologies. The company is also developing an indoor eye tracking solution, attachable to any screen including TVs, computers, tablets, etc., that manipulates the image shown to the user in such a way as to best compensate for such user’s specific clinical impairment. It is also currently developing a goggles-based mobile device which generates high definition displays that are manipulated and moved according to the device’s ability to track each eye individually. All these new technologies aim to restore mobility and independence to visually impaired people.
Upon initial closing, I.V.S. executives Ran Yam and Dan Oz will join OphthaliX’s Board of Directors. Ran Yam will be appointed Chief Executive Officer of OphthaliX and Dan Oz Chief Technology Officer.
Dr. Pnina Fishman, Can-Fite and OphthaliX CEO, mentioned in a statement “We are thrilled to take this important step towards acquiring I.V.S and are excited about the potential of this acquisition as we pursue our strategy of re-positioning OphthaliX as a company that addresses substantial ophthalmologic markets through both medical devices and pharmaceutical products. We welcome the I.V.S. team to OphthaliX.”
Ran Yam, I.V.S. CEO, also mentioned in a statement “There are significant synergies between OphthaliX and I.V.S. and we believe that our combined pharmaceutical and medical device development program presents a compelling opportunity. The visions of the OphthaliX team and I.V.S. team are shared and we look forward to working together.”
About Can – Fite
Can-Fite has a number of drugs in various stages of research and development. These drugs are synthetic, highly specific agonists and an allosteric modulator, all targets the A3 adenosine receptor. All drugs are orally bioavailable with an excellent safety profile. Can – Fite stock market evolution http://www.marketwatch.com/investing/stock/canf
About OphthaliX Inc.
OphthaliX Inc. is an advanced clinical-stage biopharmaceutical company that is focused on developing therapeutic treatments for the treatment of ophthalmic disorders. OphthaliX is committed to continuing its development program for its drug candidate CF101, a neuro-protective and anti-inflammatory drug, for the treatment of glaucoma. Patients are currently enrolled for the second segment of the Phase II study and are treated orally with CF101. OphthaliX Inc. stock market evolution http://www.marketwatch.com/investing/stock/opli
About Improved Vision Systems
Improved Vision Systems Ltd. develops medical device technologies to improve sight and diagnose and provide therapies for ocular diseases such as glaucoma, age related macular degeneration (AMD), diabetic retinopathy and oculo-motor pathologies. The company has headquarters in Even Yehuda, Israel.
About Ran Yam
Ran Yam is the CEO of Improved Vision Systems (IVS). He was VP of R&D at Visionix before working for IVS. He was also head of mechanical department and project manager at Negevtech, Product R&D manager at Trellis Photonics and Mechanics Team Leader at ELOP. Mr. Yam received his education from the Technion – Israel Institute of Technology.
About Pnina Fishman, Ph. D.
Professor Fishman is the founder of Can Fite. She was previously a professor of Life Sciences and head of the Laboratory of Clinical and Tumor Immunology at the Felsenstein Medical Research Institute at the Rabin Medical Center. She is an accomplished scientist and an author of more than a hundred publications. She was the CEO of seven years at Mor Research Application. She was also involved in the establishment and served as a member of the Board of Directors of various life sciences technology projects.