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Can-Fite gets U.S. drug patent, Medigus gets first U.S. order, shares rise for both

July 2, 2013 3:54 pm by | 0 Comments

Israeli currency - the sheqel - courtesy of Flickr user Michael Plump

The share prices of Can-Fite BioPharma Ltd. (TASE:CFBI; Bulletin Board: CANFY) and Medigus Ltd. (TASE:MDGS) are up sharply in morning trading today on positive announcements.

Can-Fite has obtained a patent from the US Patent and Trademark Office for its CF602 drug for the improvement of sexual performance. Can-Fite said that the patent expands and strengthens its intellectual property, allowing it to develop the drug for this indication and enter a market which the company estimates at $3 billion.

Can-Fite CEO Pnina Fishman said, "Obtaining the US patent will support continued expansion of the supply of Can-Fite's largest medications and could prepare the ground for Can-Fite's development of new-generation drugs. We believe, after we examined the clinical data collected in the clinical trials, that CF602 has the potential to improve sexual performance."

Medigus yesterday announced that it has received its first US order for its SRS endoscope for the treatment of Gastroesophageal Reflux Disease (GERD) from New York Presbyterian Hospital/Columbia University Medical Center.

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Medigus CEO Dr. Elazar Sonnenschein said, "We are pleased at our first commercial order in the US, our first foothold in the US market. The company has US Food and Drug Administration (FDA) approval for marketing the system in the US, and we consider the US market, which market studies estimate at $9 billion, as the company's main strategic market with great potential for us."

Can-Fite's share price rose 7.5 percent in morning trading on the TASE today to NIS 7.90, giving a market cap of NIS 113 million, and Medigus's share price rose 6.9 percent to NIS 0.87, giving a market cap of NIS 112 million. ___

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By Koren, Hillel

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