WINNIPEG, Manitoba, March 24, 2022 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX- V:KNE; OTCQB:KNBIF) (the “Company” or “Kane Biotech”), today announced its fourth quarter and full year 2021 financial results.
Fourth Quarter Financial Highlights
2021 Full Year Financial Highlights
2021 Corporate Highlights:
Wound Care and Surgical
Animal Health
Dermatology
Financing
“I am proud of Kane’s accomplishments realized in 2021,” said Marc Edwards, President & CEO of Kane Biotech. “Growth opportunities were seized across each of our strategic pillars - animal health, dermatology, and wound and surgical care. Combined with our Q4 results, we have exited 2021 poised for growth and momentum that will further drive revenue in 2022.”
Kevin Cole, President and CEO of STEM, added, “2021 was a foundation building year for STEM Animal Health, including the rebuilding of our supply chain to support our future growth plans. We look forward to continuing to accelerate the growth realized in Q4 into 2022 and beyond.”
Detailed financial information about Kane Biotech can be found in its December 31, 2021 Financial Statements and Management Discussion and Analysis on SEDAR and the Company’s website.
Conference Call details:
Kane Biotech is pleased to invite all interested parties to participate in a conference call on Thursday, March 24, 2022, at 4:30pm ET during which time the results will be discussed.
Webcast https://edge.media-server.com/mmc/p/qd5coozw
Participant Dial In: | ||
Participant Toll-Free Dial-In Number: | (877) 268-9044 | |
Participant International Dial-In Number: | (706) 679-2995 | |
Conference ID: | 6942136 | |
Audio Replay (7 Days valid after the live call) | ||
Toll Free: | (855) 859-2056 | |
International: | (404) 537-3406 | |
Conference ID: | 6942136 |
A live and archived audio webcast of the conference call will also be available on the investor relations page of Kane Biotech’s corporate website. www.kanebiotech.com
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 | ||
[email protected] | [email protected] | [email protected] | ||
+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.
KANE BIOTECH INC. | |||||||||||||||
Selected Financial Results | |||||||||||||||
Statement of Comprehensive Loss | Three months ended December 31, | Year ended December 31, | |||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Total Revenue | $ | 411,693 | $ | 257,339 | $ | 1,607,775 | $ | 1,341,574 | |||||||
Gross Profit | 187,315 | 102,717 | 568,441 | 526,859 | |||||||||||
Operating expenses | |||||||||||||||
General and administration | 950,727 | 906,237 | 4,074,748 | 3,425,105 | |||||||||||
Research | 532,648 | 262,256 | 1,369,939 | 1,326,127 | |||||||||||
Total operating expenses | 1,483,375 | 1,168,493 | 5,444,687 | 4,751,232 | |||||||||||
Loss from operations | $ | (1,296,059 | ) | $ | (1,065,776 | ) | $ | (4,876,246 | ) | $ | (4,224,373 | ) | |||
Loss and comprehensive loss for the period | $ | (1,257,172 | ) | $ | (945,795 | ) | $ | (4,849,912 | ) | $ | (3,845,976 | ) | |||
Loss and comprehensive loss for the period attributable to shareholders | $ | (1,268,816 | ) | $ | (816,505 | ) | $ | (4,604,566 | ) | $ | (3,716,686 | ) | |||
Basic and diluted loss per share for the period | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.03 | ) | |||
Weighted average shares outstanding - basic and diluted | 114,813,535 | 108,613,535 | 114,813,535 | 108,613,535 | |||||||||||
Statement of Financial Position | December 31, | December 31, | |||||||||||||
2021 | 2020 | ||||||||||||||
Cash and cash equivalents | $ | 1,153,090 | $ | 1,007,923 | |||||||||||
Other current assets | 1,727,320 | 1,730,687 | |||||||||||||
Non-current assets | 3,253,883 | 2,297,009 | |||||||||||||
Total Assets | $ | 6,134,293 | $ | 5,035,619 | |||||||||||
Current liabilities | $ | 4,721,009 | $ | 2,924,174 | |||||||||||
Non-current liabilities | 2,980,298 | 1,036,709 | |||||||||||||
Shareholders' equity | (1,567,014 | ) | 1,074,736 | ||||||||||||
Total liabilities and shareholders' equity | $ | 6,134,293 | $ | 5,035,619 |