Benzinga | Jun 28, 2021 09:11AM EDT

Can-Fite Stock Gains On Piclidenoson Development Pact For Pets

* Can-Fite BioPharma Ltd (NYSE:CANF) has signed a development and commercialization agreement with France-based veterinary biotech company, Vetbiolix, to develop Piclidenoson to treat osteoarthritis in companion animals.

* Vetbiolix will have the exclusive right to Piclidenoson in the veterinary osteoarthritis market for two years, during which it will conduct proof-of-concept studies and cover all associated costs.

* Suppose the studies yield positive data, and Vetbiolix exercises its option to obtain the license from Can-Fite. In that case, Vetbiolix will be obligated to pay Can-Fite upfront and milestone payments, in addition to royalties on sales upon regulatory approval for veterinary use.

* Matthieu Roquette, President at Vetbiolix, commented, "we are aiming to enter in veterinary regulatory development by the end of 2022 based on clinical proof of concept data we will generate within the next 12 months."

* Price Action: CANF shares are up 3.56% at $2.33 during the premarket session on the last check Monday.