Kane Biotech Inc. - KNBIF STOCK NEWS

Kane Biotech Inc. (TSX-V:KNE; OTCQB:KNBIF) has achieved ISO 13485:2016 Medical Device Single Audit Program (MDSAP) Quality Certification as a designer, developer, and manufacturer of medical devices. This certification demonstrates Kane's commitment to quality products and allows the company to apply for regulatory approval of its revyve™ Antimicrobial Wound Gel in Canada, Australia, New Zealand, and Brazil.

The MDSAP certification enhances Kane's previous quality certification, which enabled FDA 510(k) clearance for revyve™. It signifies Kane's comprehensive quality management system focusing on patient safety, product performance, and reliability. This milestone brings Kane closer to improving the quality of products available for Canadian patients with chronic wounds and opens opportunities for expanding its product portfolio in these jurisdictions.

Kane Biotech Inc. (TSX-V:KNE; OTCQB:KNBIF) has issued 4,213,133 restricted share units (RSUs) to various directors, officers, employees, and consultants. These RSUs are part of the company's third amended and restated performance and restricted share unit plan, approved by shareholders on May 22, 2024. Each RSU can be exercised into one common share of the company, with vesting periods varying but not earlier than 12 months from the grant date. The PRSU Plan allows for a maximum of 25,177,198 RSUs, representing 19% of the company's issued and outstanding shares as of the shareholders' meeting date.

Kane Biotech has signed a worldwide licensing agreement with Omni Bioceutical Innovations for its coactiv+™ scalp care line. This five-year non-exclusive deal allows Omni to commercialize Kane's scalp detoxifier in the medical aesthetics market. Kane's products, launched in 2020 under the DermaKB™ brand, employ patented coactiv+™ technology to tackle issues like bacterial and fungal biofilms and shampoo residue buildup. Omni CEO Jane Christensen highlighted the product's efficacy and safety based on a large-scale consumer trial, predicting significant impact in the market. Kane CEO Marc Edwards expressed confidence in Omni's ability to globally market their innovative scalp care solutions.

Kane Biotech has achieved a major milestone by making its first commercial sale of revyve™ Antimicrobial Wound Gel to ProgenaCare Global. This follows the fulfillment of a USD$500,000 initial manufacturing scale-up fee from an exclusive US distribution agreement signed in May 2023. The product had received FDA 510(k) clearance, and Kane has collaborated with Halo Pharma for technology transfer and manufacturing scale-up phases. The company also signed a four-year manufacturing services agreement with Halo Pharma. ProgenaCare’s CEO reported excellent feedback from the initial launch, and both companies are optimistic about meeting growing demand with full-scale production.

Kane Biotech has signed a worldwide license agreement with I-MED Pharma for the use of its DispersinB® technology. This enzyme will enhance I-MED Pharma's eye care products, addressing issues related to Meibomian gland dysfunction (MGD) and dry eye blepharitis syndrome (DEBS). The agreement spans five years and includes minimum annual royalties starting in 2025. This marks Kane's first commercial deal for DispersinB®. Both companies express enthusiasm for the partnership and the potential for expanding DispersinB® into various products for the global eye care market.

Kane Biotech announced its Q1 2024 financial results, highlighting substantial growth in revenue and gross profit. Total revenue rose by 39% to $941,661, while gross profit increased by 63% to $560,786. Despite this growth, the company reported a loss of $1,346,825, an 8% increase from Q1 2023. The sale of its stake in STEM Animal Health brought in over CND $11.5 million, contributing to a $10 million gain to be recorded in Q2 2024. The company used the proceeds to repay a $6.7 million loan and plans to use the remainder for working capital. Kane Biotech also noted increased operating expenses due to higher research and development costs. Key developments include the sale of STEM, new executive appointments, and a patent filing for its revyve™ Antimicrobial Wound Gel Spray.

Kane Biotech (TSX-V:KNE; OTCQB:KNBIF), a biotechnology firm specializing in microbial biofilm prevention and removal technologies, will disclose its Q1 2024 financial results on May 23, 2024, after market close.

The company’s management will present a corporate update at a Special and Annual General Meeting via videoconference on May 22, 2024, at 5:00pm EST.

Participants can register for the meeting using the provided link.

Kane Biotech has announced the commercialization of the Schultz Biofilm Wound Map, a patented in vitro assay dedicated to detecting biofilms in wound beds. This kit, named in honor of the late Dr. Greg Schultz, former Chief Science Officer at Kane Biotech and Professor Emeritus at the University of Florida, marks a significant advancement in wound care by identifying and mapping microbial biofilms. Dr. Schultz, who passed away on April 12, 2024, was instrumental in developing Kane’s coactiv+™ and DispersinB® technologies and the revyve™ Antimicrobial Wound Gel. His contributions have firmly established Kane Biotech as a leader in biofilm solutions.