Can-Fite subsidiary to acquire Improved Vision Systems in all stock deal

Israel-based biotech company Can-Fite BioPharma (TASE: CFBI) says that its subsidiary, OphthaliX has signed a definitive agreement to acquire Israel-based Improved Vision Systems (I.V.S.).

Under the terms of the accord, in exchange for I.V.S. becoming a wholly-owned subsidiary of OphthaliX, the latter will issue to the sellers and option holders of I.V.S. at the initial closing such number of shares of OphthaliX common stock and options equal to an aggregate of approximately 14% of the issued and outstanding capital stock of OphthaliX on a fully diluted basis immediately following the initial closing.

In addition, OphthaliX has agreed to issue to the sellers and option holders of I.V.S. such number of shares of OphthaliX common stock and options equal to an aggregate of approximately 11% of the issued and outstanding capital stock of OphthaliX on a fully diluted basis upon the attainment of certain milestones. The closing of the acquisition is subject to certain closing conditions including the raising of capital by OphthaliX and an up-listing of OphthaliX to a national securities exchange in the USA. No shares of OphthlaliX' parent company, Can-Fite BioPharma, will be issued as a part of this transaction.