Israeli biopharmaceutical startup Can-Fite BioPharma has raised $10 million as part of its second fund-raising round, which was led by Giza Venture Capital.

Yozma and Ascend venture capital funds participated in the round, in addition to a group of senior Israeli physicians.

Can-Fite's previous investment round was completed in March 2001, in which the company raised $3.5 million from the Biocom, Azritech and Mediseed venture capital funds.

Can-Fite develops drugs, all of which are based on small molecules, for treating cancer, viral and other major human diseases. Its lead drug, CF101, is now in Phase I clinical trials.

CF101 is an anti-cancer drug with a specific anti-cancer activity, administered orally (in the form of a pill or capsule). It is devoid of toxic side effects that exist in almost all anti-cancer drugs known today, the company says.

CF101 is being developed as drug to treat cancer and protect white blood cells during chemotherapy (myeloprotection). The companys drug technology is based on scientific findings of Prof. Pnina Fishman, a cancer scientists that heads a research laboratory in the Rabin Medical Center.

The company was founded by Professor Pnina Fishman, who is the companys chief scientific officer and Dr Ilan Cohn, the president and CEO of the company, who is a patent attorney at Reinhold Cohn and Partners.