Kane Biotech Inc. Appoints Chief Scientific Officer and Chief Executive Officer
WINNIPEG, MANITOBA -- (MARKET WIRE) -- 05/23/07 -- Kane Biotech Inc. (TSX VENTURE: KNE), a biotechnology company engaged in the development of products that prevent and disperse bacterial biofilms, is pleased to announce that Srinivasa Madhyastha, PhD, has been appointed as the Company's Chief Scientific Officer (CSO). Dr. Madhyastha joined Kane Biotech as senior scientist and manager in January 2002, and later assumed the responsibility of VP of research and development.
"We are very proud to announce the appointment of Dr. Madhyastha to this position", said Gord Froehlich, President of Kane Biotech. "Sri has continually shown his expertise and experience in leading our team as they develop our technologies and prepare our products for commercialization."
Dr. Madhyastha has over 20 years experience in scientific research, management and teaching, with over fifty publications in refereed scientific journals and five patents to his name. Prior to joining Kane Biotech, Dr. Madhyastha held several senior research positions in the biotechnology industry including director of research and development at Viventia Biotech Inc. (formerly Novopharm Biotech Inc.) and director of research and human resources at Nutratech Inc. He holds an M.Sc. in Biochemistry and Microbiology from Mysore University, India and a Ph.D. in Applied Microbiology from the National Institute of Nutrition, India. Dr. Madhyastha completed his Post-Doctoral Fellowship at the University of Manitoba and Auburn University, Alabama. He has also previously served as adjunct professor in the Department of Animal Science, University of Manitoba.
"I am looking forward to continuing the advancement of Kane's products through our pipeline." stated Dr. Madhyastha. "It is a very exciting time at Kane as we move closer to the commercialization of our technologies."
Kane is also pleased to announce that in addition to the title of President, Mr. Gord Froehlich will assume the title of Chief Executive Officer (CEO). The title of CEO was not presently held.
Pursuant to this announcement Kane has granted 410,000 stock options at an exercise price of $0.42 per share to officers of the Company in accordance with the Company's stock option plan. The options are subject to regulatory approval.
About Kane Biotech Inc.
Kane Biotech is a biotechnology company engaged in the development of products to prevent and disperse bacterial biofilms. Biofilms develop when bacteria, and other microorganisms, form a protective matrix that acts as a shield against attack. When in a biofilm, bacteria become highly resistant to antibiotics, biocides, disinfectants, high temperatures and host immune responses. This resiliency contributes to human health problems such as recurrent urinary tract infections, medical device associated infections and tooth decay.
Kane Biotech Inc. uses a patent protected technology based on molecular mechanisms of biofilm formation and methods for finding compounds that inhibit or disrupt biofilms. The Company has evidence that this technology has potential to significantly improve the ability to prevent and/or destroy biofilms in several medical and industrial applications.
Caution Regarding Forward-Looking Information
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable Canadian provincial securities legislation (collectively, "forward-looking statements"). These forward-looking statements relate to, among other things, our objectives, goals, targets, strategies, intentions, plans, beliefs, estimates and outlook, including, without limitation, our anticipated future operating results, and can, in some cases, be identified by the use of words such as "believe," "anticipate," "expect," "intend," "plan," "will," "may" and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements.
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. Important factors that could cause actual results to differ materially from these expectations include, among other things: Kane's early stage of development, lack of product revenues and history of operating losses, uncertainties related to clinical trials and product development, rapid technological change, uncertainties related to forecasts, competition, potential product liability, additional financing requirements and access to capital, unproven markets, supply of raw materials, income tax matters, management of growth, partnerships for development and commercialization of technology, effects of insurers' willingness to pay for products, system failures, dependence on key personnel, foreign currency risk, risks related to regulatory matters and risks related to intellectual property and other risks detailed from time to time in Kane's filings with Canadian securities regulatory authorities, as well as Kane's ability to anticipate and manage the risks associated with the foregoing. Additional information about these factors and about the material factors or assumptions underlying such forward-looking statements may be found in the body of this news release, as well as under the heading "Risk Factors" contained in Kane's final long-form prospectus dated March 12, 2007. Kane cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on Kane's forward-looking statements to make decisions with respect to Kane, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.
These risks and uncertainties should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Kane cannot provide assurance that actual results will be consistent with these forward-looking statements. Kane undertakes no obligation to update or revise any forward-looking statement.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts: Kane Biotech Inc. Gord Froehlich President (204) 477-7592 (204) 453-1314 (FAX) Email: firstname.lastname@example.org Website: www.kanebiotech.com
Released May 23, 2007