OphthaliX Inc. (OTCQB:OPLI), a clinical-stage company focused on developing therapeutic products for the treatment of ophthalmic disorders and subsidiary of Can-Fite BioPharma Ltd. (NYSE:CANF), has signed a non-binding term sheet to acquire Israel-based Improved Vision Systems Ltd. (I.V.S.), subject to arranging funding and up-listing OphthaliX to a U.S. national securities exchange.
The proposed acquisition of I.V.S is further subject to customary closing conditions. Upon closing of the acquisition, I.V.S. executives Ran Yam and Dan Oz are expected to join OphthaliX’s Board of Directors. In addition, upon closing Ran Yam is expected to be appointed CEO of OphthaliX and Dan Oz CTO.
I.V.S. develops breakthrough medical device technologies to improve sight, diagnose and offer therapy for a variety of ocular diseases including glaucoma, age related macular degeneration (AMD), diabetic retinopathy and oculo-motor pathologies, addressing multi-billion dollar markets. I.V.S. is developing two types of products: (1) an indoor eye tracking solution, attachable to any screen including TVs, computers, tablets, etc., that manipulates the image shown to the user in such a way as to best compensate for such user’s specific clinical impairment; and (2) a goggles-based mobile device which generates high definition displays that are 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 planning to continue the development of the I.V.S. drug candidate CF101, a neuro-protective and anti-inflammatory drug, for the treatment of glaucoma. Patients are currently enrolled for the second segment of the Phase II study and are treated orally with CF101.
“I.V.S. is a very innovative company that is developing truly breakthrough medical devices to address a range of ophthalmic conditions. We believe this proposed acquisition would re-position OphthaliX as a company that addresses substantial ophthalmologic markets through both medical devices and pharmaceutical products,” stated OphthaliX Chairman and CEO, Dr. Pnina Fishman. “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.”
CF101, an A3 adenosine receptor (A3AR) agonist, is a novel, first in class small molecule orally bioavailable drug which binds with high affinity and selectivity to the A3AR, which is known to be over-expressed in inflammatory cells. The drug acts as a neuro-protective agent and prevents apoptosis of retinal ganglion cells.