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Can-Fite BioPharma to raise $5M in registered direct offering

Can-Fite BioPharma Ltd. is looking to raise $5 million in a registered direct offering of American depositary shares.

The company plans to issue 2.5 million ADS at $2 apiece, complete with warrants to purchase another 1.25 million ADS at $2.25 apiece.

The warrants are exercisable after six months from the date of issue and expire within a 5.5- year period.

The offering closes Jan. 24, with Rodman & Renshaw acting as the exclusive placement agent for the offering.