Kane Biotech Inc - KNBIF STOCK NEWS

Kane Biotech reported robust financial performance in its fourth quarter and full year 2022 results, showing a 68% revenue increase to $691,654 for Q4, driven by growth in pet retail sales and licensing revenue. Total revenue for 2022 reached $2,668,352, a 66% increase from 2021. The company's gross profit surged 149% for the year to $1,413,229. Operating expenses decreased by 12%, leading to a 21% reduction in the annual loss to $3,824,000. Kane Biotech is focusing on advancing its clinical trials and expanding distribution agreements, including a notable partnership with ProgenaCare Global for its coactiv+™ Antimicrobial Wound Gel. The company maintains a strong cash position of $1.1 million as of December 31, 2022.

Kane Biotech has signed a distribution agreement with ProgenaCare Global LLC to commercialize its coactiv+™ Antimicrobial Wound Gel in the U.S. market. ProgenaCare will exclusively distribute the product once Kane receives 510(k) clearance from the FDA, triggering a $500,000 USD upfront payment. This gel targets the $200 million USD U.S. wound care hydrogel market, addressing the significant issues of chronic wounds, which are often resistant to treatment due to bacterial biofilms. CEO Marc Edwards emphasized the partnership's potential to disrupt the fragmented market with innovative wound care solutions. Together, Kane Biotech and ProgenaCare aim to improve health outcomes for patients while making treatment more accessible.

Kane Biotech has entered into a licensing agreement with Skout’s Honor for its patented coactiv+™ technology, particularly in pet oral care applications. This ten-year agreement grants Skout’s Honor a non-exclusive license for use in North America, while STEM Animal Health, a joint venture of Kane Biotech, will continue to market its bluestem™ product line. As part of the agreement, STEM will receive a total of $500,000 USD in licensing fees plus ongoing royalties from Skout’s Honor's sales utilizing the coactiv+™ technology. This partnership is expected to enhance market reach and innovation in pet care products. However, Kevin Cole, president of STEM, will be leaving the company. Kane Biotech continues to focus on developing solutions targeting microbial biofilms.

Kane Biotech Inc. (OTCQB: KNBIF) will announce its Q4 and full-year 2022 financial results on April 20, 2023, after market close. A conference call will follow at 4:30 p.m. ET to discuss the results and business developments. Participants can register online for the call to receive dial-in details. Kane Biotech specializes in developing technologies to prevent and remove microbial biofilms, holding over 80 patents and trademarks. The company continues to focus on its research expertise to enhance its portfolio of biotechnologies and products.