Can-Fite BioPharma, an Israeli biotechnology company with a pipeline of proprietary small molecule drugs that address inflammatory and cancer diseases, has announced its subsidiary, OphthaliX, has signed a non-binding term sheet to acquire Israel-based Improved Vision Systems (IVS).
IVS develops breakthrough medical device technologies to improve sight and diagnose and offer therapy for a variety of ocular diseases including glaucoma, age related macular degeneration (AMD), diabetic retinopathy and oculo-motor pathologies. IVS is developing two types of products: an indoor eye tracking solution, attachable to any screen including TVs, computers and tablets, that manipulates the image shown to the user in such a way as to best compensate for such user's specific clinical impairment; and a goggles-based mobile device that generates high definition displays manipulated and moved based on the device's ability to track each eye individually, thus restoring mobility and independence to visually impaired people.
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 currently are enrolled for the second segment of the phase II study and are treated orally with CF101.
The proposed acquisition of IVS is subject to the signing of definitive transaction documents and the completion of closing conditions, which are expected to include the satisfactory completion of customary due diligence, obtaining of necessary approvals, the raising of capital by OphthaliX and an up-listing of OphthaliX to a national securities exchange in the U.S.
IVS executives Ran Yam and Dan Oz are expected to join OphthaliX's board of directors. Additionally, upon closing, Ran Yam is expected to be appointed CEO of OphthaliX and Dan Oz chief technology officer.
“We believe this proposed acquisition would re-position OphthaliX as a company that addresses substantial ophthalmologic markets through both medical devices and pharmaceutical products," said Dr. Pnina Fishman, Can-Fite and OphthaliX CEO. "We are diligently working on moving this acquisition transaction forward and if completed, we believe the synergies of the two companies will enhance OphthaliX's overall value."
There is no assurance the transactions contemplated by the term sheet will be completed.