05/26/2022 | Press release | Distributed by Public on 05/27/2022 00:54
WINNIPEG, Manitoba, May 26, 2022 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX- V:KNE; OTCQB:KNBIF) (the "Company" or "Kane Biotech"), a biotechnology company engaged in the research, development and commercialization of technologies and products that prevent and remove microbial biofilms, today announced its first quarter 2022 financial results.
First Quarter Financial Highlights:
Detailed financial information about Kane Biotech can be found in its March 31, 2022. Financial Statements and Management Discussion and Analysis on SEDAR and the Company's website.
"In our first quarter, we made great progress across our commercialization pillars. We have experienced strong year-over-year sales growth in animal health, and anticipate this to continue, particularly with STEM Animal Health receiving the seal of acceptance by the VOHC (Veterinary Oral Health Council)," stated Marc Edwards, Kane Biotech's Chief Executive Officer.
"We saw very compelling results in our DispersinB® Hydrogel pre-clinical trials, in advance of the clinical trial set to commence this summer. Kane is collaborating with the FDA on our coactiv+™ 510(k) application for which a positive pre-submission meeting was recently held and a clear path forward was established. We continue to see robust growth in the sales of our DermaKB™ line of scalp care products, due largely to increased product sales on Amazon. Finally, our recent appointment of Dr. Gregory Schultz, as Chief Scientific Officer, further established Kane as THE Biofilm company."
Recent Corporate Developments:
Kane Biotech is pleased to invite all interested parties to participate in a conference call on Thursday, May 26, 2022 at 4:30pm ET during which time the results will be discussed.
Conference Call details:
Date: Thursday May 26, 2022
Time: 4:30 p.m. ET
Live Call: 1-877-268-9044 (Canada and the United States) 1-706-679-2995 (International)
Replay: 1-404-537-3406
Conference ID: 8674975
Webcast URL: https://edge.media-server.com/mmc/p/sp8wmtiw
The call will also be broadcast live and archived on the Company's website at www.kanebiotech.com under "News/Events" in the Investors section. 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 March 31, | ||||||||
2022 | 2021 | ||||||||
Total Revenue | $ | 565,433 | $ | 376,039 | |||||
Gross Profit | 183,621 | 165,876 | |||||||
Operating expenses | |||||||||
General and administration | 1,068,248 | 829,266 | |||||||
Research | 351,849 | 320,345 | |||||||
Total operating expenses | 1,420,097 | 1,149,611 | |||||||
Loss from operations | $ | (1,236,476 | ) | $ | (983,735 | ) | |||
Loss and comprehensive loss for the period | $ | (1,152,164 | ) | $ | (1,010,892 | ) | |||
Loss and comprehensive loss for the period | |||||||||
attributable to shareholders | $ | (1,108,591 | ) | $ | (908,467 | ) | |||
Basic and diluted loss per share for the period | $ | (0.01 | ) | $ | (0.01 | ) | |||
Weighted average shares outstanding - basic | |||||||||
and diluted | 114,817,239 | 108,624,524 | |||||||
Statement of Financial Position | March 31, | December 31, | |||||||
2022 | 2021 | ||||||||
Cash and cash equivalents | $ | 915,936 | $ | 1,153,090 | |||||
Other current assets | 1,542,630 | 1,727,320 | |||||||
Non-current assets | 3,220,365 | 3,253,883 | |||||||
Total Assets | $ | 5,678,931 | $ | 6,134,293 | |||||
Current liabilities | $ | 5,019,339 | $ | 4,721,009 | |||||
Non-current liabilities | 3,262,077 | 2,980,298 | |||||||
Shareholders' equity | (2,602,485 | ) | (1,567,014 | ) | |||||
Total liabilities and shareholders' equity | $ | 5,678,931 | $ | 6,134,293 | |||||
Released May 26, 2022