Biotechnology company Can-Fite BioPharma Ltd (NYSE American:CANF) (TASE:CFBI) stated on Friday that it recorded a net loss of USD3.1m for the nine months ended 30 September 2018.

This marks arise in earnings when compared with a net loss of USD4.7m for the same period in 2017. The difference in net loss was primarily attributable to an increase in revenues in 2018.

Revenue of USD3.5m was generated for the nine months ended 30 September 2018, up over revenues of USD0.7m for the same period in 2017, mainly due to the recognition of the advance payment under the distribution agreement with CMS Medical and from a portion of the advance payment under the distribution agreement with Gebro.

Research and development expenses of USD4m were recorded for the nine months ended 30 September 2018, a rise versus the R&D of USD3.5m for the same period in 2017. The increase is primarily due to increased costs associated with the initiation of the Phase III clinical trial of Piclidenoson for the treatment of rheumatoid arthritis.