Kane Biotech and Dechra Veterinary Products Expand Exclusive License and Distribution Agreement to Include South America
WINNIPEG, Manitoba, Oct. 16, 2019 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX-V:KNE), (the “Corporation” or “Kane Biotech”), a biotechnology company engaged in the research, development and commercialization of technologies and products that prevent and remove microbial biofilms and Dechra Veterinary Products LLC (“Dechra”) a wholly-owned subsidiary of Dechra Pharmaceuticals PLC (LSE: DPH) today announced the expansion of their 10-year Exclusive License and Distribution Agreement to include South America. The Agreement was originally announced in March 2017.
Kane Biotech will receive an upfront payment upon the first commercial sale of Vetradent in Brazil, as well as an ongoing royalty on net Vetradent sales in South America, Terms of the Agreement are confidential between the parties and further financial details are not disclosed.
“Dechra has proven to be a strong partner over the past two years and continue to be integral to getting our technology commercialized in the global veterinary market,” stated Marc Edwards, Chief Executive Officer of Kane Biotech. “Product sales have accelerated quickly throughout 2019, and we anticipate continued royalty revenue growth as we expand our product line and enter South America. Geographic expansion is a key facet of our long-term strategy, and we are excited to enter this new market with Dechra.”
Dechra is an international global veterinary pharmaceutical company with expertise in the development, manufacture, sales and marketing of high-quality products for veterinarians worldwide. As part of the License and Distribution Agreement, Kane Biotech has agreed to exclusively license its StrixNB™ and DispersinB® oral care and dermatology products to Dechra for commercialization in the North American veterinary market.
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 Corporation has a portfolio of biotechnologies, intellectual property (56 patents and patents pending, trade secrets and trademarks) and products developed by the Corporation’s own biofilm research expertise and acquired from leading research institutions. StrixNB(TM), DispersinB(R), Aledex(R), bluestem(TM), AloSera(TM), coactiv+(TM) and Kane(R) are trademarks of Kane Biotech Inc. The Corporation is listed on the TSX Venture Exchange under the symbol "KNE".
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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.
Released October 16, 2019