Can-Fite BioPharma Ltd. said Capital Point Ltd. acquired more than 5% of the company's outstanding share capital.

The Israel-based venture capital firm has requested Can-Fite to initiate a shareholders meeting to replace the board.

Can-Fite Biopharma noted that it is conducting a review of Capital Point's letter to determine the appropriate actions.

Petah-Tikva, Israel-based Can-Fite Biopharma is developing products to treat autoimmune-inflammatory and cancer diseases.