KANE BIOTECH INC ORD - KNBIF STOCK NEWS

Kane Biotech has signed a worldwide license agreement with I-MED Pharma for the use of its DispersinB® technology. This enzyme will enhance I-MED Pharma's eye care products, addressing issues related to Meibomian gland dysfunction (MGD) and dry eye blepharitis syndrome (DEBS). The agreement spans five years and includes minimum annual royalties starting in 2025. This marks Kane's first commercial deal for DispersinB®. Both companies express enthusiasm for the partnership and the potential for expanding DispersinB® into various products for the global eye care market.

Kane Biotech announced its Q1 2024 financial results, highlighting substantial growth in revenue and gross profit. Total revenue rose by 39% to $941,661, while gross profit increased by 63% to $560,786. Despite this growth, the company reported a loss of $1,346,825, an 8% increase from Q1 2023. The sale of its stake in STEM Animal Health brought in over CND $11.5 million, contributing to a $10 million gain to be recorded in Q2 2024. The company used the proceeds to repay a $6.7 million loan and plans to use the remainder for working capital. Kane Biotech also noted increased operating expenses due to higher research and development costs. Key developments include the sale of STEM, new executive appointments, and a patent filing for its revyve™ Antimicrobial Wound Gel Spray.

Kane Biotech (TSX-V:KNE; OTCQB:KNBIF), a biotechnology firm specializing in microbial biofilm prevention and removal technologies, will disclose its Q1 2024 financial results on May 23, 2024, after market close.

The company’s management will present a corporate update at a Special and Annual General Meeting via videoconference on May 22, 2024, at 5:00pm EST.

Participants can register for the meeting using the provided link.

Kane Biotech has announced the commercialization of the Schultz Biofilm Wound Map, a patented in vitro assay dedicated to detecting biofilms in wound beds. This kit, named in honor of the late Dr. Greg Schultz, former Chief Science Officer at Kane Biotech and Professor Emeritus at the University of Florida, marks a significant advancement in wound care by identifying and mapping microbial biofilms. Dr. Schultz, who passed away on April 12, 2024, was instrumental in developing Kane’s coactiv+™ and DispersinB® technologies and the revyve™ Antimicrobial Wound Gel. His contributions have firmly established Kane Biotech as a leader in biofilm solutions.

Kane Biotech Inc. announces an investor webinar to discuss the sale of STEM Animal Health, expected to bring in over $13 million CND. The sale is a strategic move to position Kane as a market leader in wound care and dermatological markets, enhancing the company's focus and financial stability for future growth.

Kane Biotech completes the sale of STEM Animal Health to Dechra Veterinary Products for US $8 million, positioning Kane as a market leader in wound care and dermatological markets. The sale is expected to net Kane approximately CND $13 million, allowing for key milestones in commercial launches, global growth, and clinical programs.

Kane Biotech Inc. announces the sale of its interest in STEM Animal Health Inc. to a multi-national pharmaceutical company for US $8,000,000, with additional consideration totaling over CND $11,500,000. The company will use the proceeds to repay its loan and for general working capital purposes, strengthening its balance sheet. The transaction includes a sales-based milestone payment and agreements for product development and transitional manufacturing with STEM.

Kane Biotech Inc. announces its financial results for Q4 and full year 2023, revealing a non-binding offer for its interest in STEM Animal Health. The company received deposits totaling US $1.525 million towards the sale. Q4 saw positive revenue growth with an increase in license and royalty income by 66%, product revenue by 9%, and total revenue by 11%. However, operating expenses surged by 96%, leading to a loss of ($1,611,894) for the quarter. Full year 2023 showed a decrease in license and royalty income by 22% but an increase in product revenue by 25%. Despite a 6% rise in total revenue, the company reported a higher loss of ($5,270,053) for the year.

Kane Biotech Inc. extends the exclusivity period for its interest in STEM Animal Health until March 31, 2024. The company has received additional deposits totaling US $900,000 towards the sale price.