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Kane Biotech Inc. reports developments tied to its antimicrobial wound care business, including commercialization of the revyve product line in the United States and Canada. The company is developing and marketing wound care treatments that target biofilms and wound bacteria, with revyve Antimicrobial Wound Gel, revyve Antimicrobial Wound Gel Spray, and revyve Antimicrobial Skin and Wound Cleanser holding U.S. FDA 510(k) clearance; the gel and gel spray are also approved by Health Canada.
Recurring news includes financial results, distribution and sales-agent agreements, regulatory and quality-system updates, and scientific publications or conference presentations involving chronic wound and burn care research. Company updates also discuss operating expenses, continuing operations, and the discontinued animal health contract manufacturing activities that have affected recent results.
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.
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