WINNIPEG, Manitoba, Aug. 25, 2022 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX- V:KNE; OTCQB:KNBIF) (the “Company” or “Kane Biotech”) today announced its second quarter 2022 financial results.
Second Quarter Financial Highlights:
Detailed financial information about Kane Biotech can be found in its June 30, 2022 Financial Statements and Management Discussion and Analysis on SEDAR and the Company’s website.
“STEM Animal Health’s VOHC acceptance not only provided long-awaited milestone payments and minimum royalties, but also further validated the efficacy of Kane’s anti-biofilm technology,” stated Marc Edwards, Kane Biotech’s Chief Executive Officer. “Further, Dr. Greg Schultz’s appointment as Kane’s Chief Scientific Officer will provide tremendous support to the development of our wound care business, not only from a scientific perspective by aiding the development and commercialization of our DispersinB® and coactiv+™ technologies, but also from a business perspective as the Company advances towards securing a wound care strategic partner. We expect clinical trials on our DispersinB® Hydrogel to begin later this year and our coactiv+™ 510(k) application has a clear pathway for regulatory approval”.
Recent Corporate Developments:
Conference Call
Kane Biotech is pleased to invite all interested parties to participate in a conference call on Thursday, August 25, 2022 at 4:30pm ET to review the financial results and discuss business developments in the period.
Participants must register for the call using this link: Pre-registration to Q2 to receive the dial-in numbers and unique PIN to access the call seamlessly. It is recommended that you join 10 minutes before the event, though you may pre-register at any time. A webcast of the call will be available on the Company's website at kanebiotech.com under "News/Events" in the Investors section of the Kane Biotech website at ir.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 (74 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 June 30, | Six months ended June 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Total Revenue | $ | 839,579 | $ | 278,741 | $ | 1,405,013 | $ | 654,780 | ||||||||
Gross Profit | 639,215 | 83,584 | 822,837 | 249,460 | ||||||||||||
Operating expenses | ||||||||||||||||
General and administration | 951,877 | 889,092 | 2,020,125 | 1,718,358 | ||||||||||||
Research | 409,429 | 201,304 | 761,278 | 521,649 | ||||||||||||
Total operating expenses | 1,361,306 | 1,090,396 | 2,781,403 | 2,240,007 | ||||||||||||
Loss from operations | $ | (722,091 | ) | $ | (1,006,812 | ) | $ | (1,958,566 | ) | $ | (1,990,547 | ) | ||||
Loss and comprehensive loss for the period | $ | (794,595 | ) | $ | (998,889 | ) | $ | (1,946,759 | ) | $ | (2,009,781 | ) | ||||
Loss and comprehensive loss for the period | ||||||||||||||||
attibutable to shareholders | $ | (89,991 | ) | $ | (904,487 | ) | $ | (2,008,583 | ) | $ | (1,812,953 | ) | ||||
Basic and diluted loss per share for the period | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.02 | ) | ||||
Weighted average shares outstanding - basic | ||||||||||||||||
and diluted | 116,744,488 | 112,101,447 | 115,786,187 | 110,362,986 | ||||||||||||
Statement of Financial Position | June 30, | December 31 | ||||||||||||||
2022 | 2021 | |||||||||||||||
Cash and cash equivalents | $ | 2,533,178 | $ | 1,153,090 | ||||||||||||
Other current assets | 1,709,075 | 1,727,320 | ||||||||||||||
Non-current assets | 3,170,607 | 3,253,883 | ||||||||||||||
Total Assets | $ | 7,412,860 | $ | 6,134,293 | ||||||||||||
Current liabilities | $ | 6,297,482 | $ | 4,721,009 | ||||||||||||
Non-current liabilities | 3,452,457 | 2,980,298 | ||||||||||||||
Shareholders' equity (deficit) | (2,337,079 | ) | (1,567,014 | ) | ||||||||||||
Total liabilities and shareholders' equity | $ | 7,412,860 | $ | 6,134,293 | ||||||||||||