Kane Biotech Announces Amended Credit Facility
Kane Biotech Inc. (OTCQB: KNBIF) announced an amendment to its credit agreement with Pivot Financial, extending the maturity to January 31, 2023, and increasing the credit facility to $4 million, with approximately $1.8 million in new capital. This funding will support research and development as well as general working capital. The CEO stated that this financial backing will aid ongoing discussions with potential partners in wound care and other areas, highlighting Kane's progress in product development across its business units.
- Increased credit facility to $4 million.
- Approximately $1.8 million in new capital provided.
- Support for research and development and general working capital.
- Continued reliance on external financing amid lack of significant revenues.
WINNIPEG, Manitoba, June 15, 2022 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX-V:KNE; OTCQB:KNBIF), (the “Company” or “Kane Biotech”), today announces that it has further amended its credit agreement with Pivot Financial Inc. (“Pivot”) maturing August 31, 2022 (the “Amended Credit Facility”).
The amendment dated June 13, 2022 extends the maturity to January 31, 2023 and increases the credit facility to
“Pivot continues to support Kane’s product development and commercialization efforts with access to additional working capital as discussions with potential wound care partners and other opportunities continue to advance,” stated Kane Biotech’s Chief Executive Office, Marc Edwards.
Dan Flaro, Pivot’s President, commented, “We’re pleased to further increase our non-dilutive financing commitment to Kane as it continues to demonstrate impressive commercialization progress across its animal health, wound care and dermatology business units.”
About Kane Biotech
Kane Biotech is a biotechnology company engaged in the research, development and commercialization of technologies and products that prevent and remove microbial biofilms. The Company has a portfolio of biotechnologies, intellectual property (81 patents and patents pending, trade secrets and trademarks) and products developed by the Company's own biofilm research expertise and acquired from leading research institutions. StrixNB™, DispersinB®, Aledex™, bluestem™, bluestem®, silkstem™, goldstem™, coactiv+™, coactiv+®, DermaKB™ and DermaKB Biofilm™ are trademarks of Kane Biotech Inc. The Company is listed on the TSX Venture Exchange under the symbol "KNE" and on the OTCQB Venture Market under the symbol “KNBIF”.
| For more information: | ||||
| Marc Edwards | Ray Dupuis | Nicole Sendey | ||
| Chief Executive Officer | Chief Financial Officer | Investor Relations/PR | ||
| Kane Biotech Inc | Kane Biotech Inc | Kane Biotech Inc | ||
| medwards@kanebiotech.com | rdupuis@kanebiotech.com | nsendey@kanebiotech.com | ||
| +1 (514) 910-6991 | +1 (204) 298-2200 | +1 (250) 327-8675 | ||
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Information
This press release contains certain statements regarding Kane Biotech Inc. that constitute forward-looking information under applicable securities law. These statements reflect management’s current beliefs and are based on information currently available to management. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. These risks and uncertainties include, but are not limited to, risks relating to the Company’s: (a) financial condition, including lack of significant revenues to date and reliance on equity and other financing; (b) business, including its early stage of development, government regulation, market acceptance for its products, rapid technological change and dependence on key personnel; (c) intellectual property including the ability of the Company to protect its intellectual property and dependence on its strategic partners; and (d) capital structure, including its lack of dividends on its common shares, volatility of the market price of its common shares and public company costs. Further information about these and other risks and uncertainties can be found in the disclosure documents filed by the Company with applicable securities regulatory authorities, available at www.sedar.com. The Company cautions that the foregoing list of factors that may affect future results is not exhaustive.
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