Benzinga | Jul 20, 2020 07:10AM EDT

Can-Fite Completes Development of an Assay to Identify Clinically Active Cannabis Derived Compounds

Can-Fite BioPharma Ltd. (NYSE:CANF) (TASE:CFBI), a biotechnology company advancing a pipeline of proprietary small molecule drugs that address inflammatory, cancer and liver diseases, announced today it has completed the development of a biological cell-based in vitro assay which can identify clinically active cannabis derived compounds that bind to and activate the A3 adenosine receptor (A3AR), thus enabling the development of pharmaceuticals that use a specific cannabis derived compound to treat a variety of diseases. Numerous studies published in peer reviewed scientific journals demonstrate that cannabis derived compounds bind to the Gi protein-coupled A3AR, which is over-expressed in pathological cells and tissues.

As a global leader in discovering and developing drugs which target A3AR, Can-Fite is utilizing its platform technology to develop cannabis derived compounds for the treatment of unmet medical needs. Can-Fite has a strategic partnership with Univo Pharmaceuticals, a medical cannabis company.

In addition to using its assay in the development of its own cannabis derived compound-based therapeutics, Can-Fite plans to market the assay on a 'fee for service' basis to researchers and other cannabis companies worldwide.

"This new assay, combined with our unparalleled expertise in the development of therapeutics that target A3AR, enable Can-Fite to contribute to unlocking the vast potential of cannabis derived compounds for the effective treatment of specific diseases," stated Can-Fite CEO Dr. Pnina Fishman.

According to Adroit Market Research, the medical cannabis market is projected to grow at a CAGR of 29% to $56.7 billion by 2026.