KANE BIOTECH INC ORD - KNBIF STOCK NEWS

Kane Biotech reports 68% increase in product and services revenue and 74% increase in royalties revenue for Q2 2023. Gross profit decreased by 48%. Total revenue decreased by 22% but increased by 61% excluding license revenue. Operating expenses decreased by 36%. Loss for Q2 2023 increased by 22%. The company achieved significant milestones including FDA clearance and distribution agreement for coactiv+™ Antimicrobial Hydrogel, and licensing agreement with Skout’s Honor for Pet Oral Care line. The company also engaged Research Capital Corporation for strategic review and announced a non-brokered private placement offering.

Kane Biotech to announce Q2 2023 financial results on August 29, 2023

Kane Biotech Inc. has engaged Research Capital Corporation as its exclusive financial advisor to conduct a strategic review process for its STEM Animal Health business division. The company is considering various strategic alternatives to maximize shareholder value, including the sale of assets, a merger, or other business combinations. STEM, formed in partnership with Animalcare Group plc, develops pet oral care products that inhibit tartar formation and kill bacteria. STEM's revenues grew by 31% in 2022 compared to 2021, and royalty revenues grew by 76% during the same period.

Kane Biotech reported robust financial performance in its fourth quarter and full year 2022 results, showing a 68% revenue increase to $691,654 for Q4, driven by growth in pet retail sales and licensing revenue. Total revenue for 2022 reached $2,668,352, a 66% increase from 2021. The company's gross profit surged 149% for the year to $1,413,229. Operating expenses decreased by 12%, leading to a 21% reduction in the annual loss to $3,824,000. Kane Biotech is focusing on advancing its clinical trials and expanding distribution agreements, including a notable partnership with ProgenaCare Global for its coactiv+™ Antimicrobial Wound Gel. The company maintains a strong cash position of $1.1 million as of December 31, 2022.

Kane Biotech has signed a distribution agreement with ProgenaCare Global LLC to commercialize its coactiv+™ Antimicrobial Wound Gel in the U.S. market. ProgenaCare will exclusively distribute the product once Kane receives 510(k) clearance from the FDA, triggering a $500,000 USD upfront payment. This gel targets the $200 million USD U.S. wound care hydrogel market, addressing the significant issues of chronic wounds, which are often resistant to treatment due to bacterial biofilms. CEO Marc Edwards emphasized the partnership's potential to disrupt the fragmented market with innovative wound care solutions. Together, Kane Biotech and ProgenaCare aim to improve health outcomes for patients while making treatment more accessible.