Thinly traded nano cap Can-Fite BioPharma (NYSEMKT:CANF) is up 38% premarket on average volume in reaction to its collaboration agreement with Israeli firm Univo Pharmaceuticals to identify and co-develop formulations of medical cannabis (CBD) for cancer, inflammatory, autoimmune and metabolic disorders.
The parties will collaborate on discovery and Can-Fite will have the first right to clinically develop the candidates. It will also develop a screening test to identify active cannabis components. Once developed, Univo will market on a “fee for service” basis to other pharma companies worldwide.
Univo will provide cannabis and cannabis components to Can-Fite in addition to access to its laboratories for research and manufacturing.
Can-Fite will pay Univo $500K in two installments plus ~19.9M newly issued ordinary shares.
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