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Kane Biotech Inc. (KNBIF) is a biotechnology company dedicated to researching, developing, and commercializing technologies and products that prevent and eliminate microbial biofilms. With a robust portfolio of intellectual property and products like StrixNB™, DispersinB®, Aledex™, coactiv+™, DermaKB™, and revyve™, the company is at the forefront of biofilm research. Recently, Kane Biotech announced the sale of its interest in STEM Animal Health, entered new licensing and distribution agreements, and received US FDA clearance for its revyve™ Antimicrobial Wound Gel. The company is listed on the TSX Venture Exchange under the symbol 'KNE' and on the OTCQB Venture Market under the symbol 'KNBIF'.
Kane Biotech Inc. (TSX-V:KNE OTCQB:KNBIF) has submitted a 510(k) premarket notification to the FDA for its new coactiv+™ Antimicrobial Hydrogel, designed for sensitive chronic wounds. Using patented coactiv+™ technology, this hydrogel aims to alleviate the challenges of treating chronic wounds, which often involve bacterial biofilms that resist treatment. The company anticipates favorable FDA reception, highlighting the significance of this technology in addressing the healthcare burden of chronic wounds.
Kane Biotech Inc. (OTCQB: KNBIF) announced its presentation at the Symposium on Advanced Wound Care (SAWC) Fall forum in Las Vegas, happening from October 13-16, 2022. This event focuses on advancing wound care practices through collaboration among various medical professionals. Dr. Gregory Schultz highlighted the significance of their DispersinB® Hydrogel and coactiv+® Antimicrobial Hydrogel in enhancing wound healing by combating biofilm formation. Kane Biotech emphasizes its commitment to improving patient outcomes through innovative wound care technologies.
Kane Biotech has secured an additional $425,000 USD in funding for its DispersinB® Hydrogel, contributing to a total of $2.7 million USD in non-dilutive funding received since 2020. This financial backing from the U.S. Department of Defense aims to advance clinical trials for treating biofilm-mediated antimicrobial resistance in chronic wounds. The DispersinB® Hydrogel shows promise in inhibiting biofilm formation, potentially accelerating wound closure and improving military readiness. The company emphasizes the clinical significance of its product amidst the high costs of chronic wound treatment.
Kane Biotech reported its second quarter 2022 results, showcasing remarkable growth with total revenue reaching $839,579, up 201% year-over-year. License revenue surged 1,295% to $500,225, driven by a significant milestone from subsidiary STEM Animal Health achieving the VOHC Seal of Acceptance, resulting in $1.3 million in milestone payments. Gross profit increased 665% to $639,215, while total operating expenses rose 25% to $1,361,306. The company ended the quarter with $2.5 million in cash and secured $1 million from a private placement. Future developments include advancing clinical trials for its wound care technologies.
Kane Biotech Inc. (OTCQB: KNBIF) will announce its second quarter 2022 financial results on August 25, 2022, after market close. A conference call featuring management will take place at 4:30 p.m. ET to discuss the results and business developments. Investors can pre-register for the call via a provided link. Kane Biotech specializes in technologies that prevent and remove microbial biofilms and owns a robust portfolio of intellectual property, including 81 patents. For further information, visit their official website.
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.
Kane Biotech announced its Q1 2022 financial results, reporting a total revenue of $565,433, a 50% increase compared to Q1 2021. Royalty revenue grew by 27% to $47,477, while product and service sales surged by 56% to $482,084, driven by strong sales in the STEM Animal Health division. However, total operating expenses rose 23% to $1,420,097, leading to a net loss of $1,152,164, up 14% from the prior year. The company anticipates ongoing growth in animal health sales and positive developments in clinical trials.
Kane Biotech Inc. (OTCQB: KNBIF) will release its first quarter 2022 financial results after market close on May 26, 2022. The announcement will be followed by a conference call at 4:30 p.m. ET to discuss the results and related business developments. Kane Biotech specializes in technologies aimed at preventing and removing microbial biofilms, and holds a diverse portfolio, including 81 patents. For further information, the management team will provide a live broadcast and replay accessible on their website.
Kane Biotech Inc. announces that STEM Animal Health Inc. has received the Veterinary Oral Health Council (VOHC) Seal of Acceptance for its pet oral care water additive, which helps control tartar. This certification will trigger approximately $1.3 million in milestone payments from STEM's licensing partners and is expected to boost royalty revenues. The global pet oral care market is estimated to be underdeveloped but poised for growth, with a projected value of $24.5 billion by 2027. Kane holds a significant equity interest in STEM, enhancing its position in the animal health sector.
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