Kane Biotech Receives New Funding from CanExport SMEs Program
- Funds to Support U.S. Launch of Kane Biotech’s Anti-Biofilm Shampoo -
WINNIPEG, Manitoba, June 24, 2020 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX-V:KNE; OTCQB:KNBIF) (the “Company” or “Kane Biotech”) today announced that it has been approved for up to $54,750 in funding from the Government of Canada’s CanExport SMEs program. Kane will use this funding to support the marketing costs associated with the U.S. launch of its Human Health anti-biofilm shampoo as well as to support international growth of its Animal Health business.
CanExport SMEs is a program delivered by the Trade Commissioner Service (TCS) of Global Affairs Canada in partnership with the National Research Council’s Industrial Research Assistance Program (NRC-IRAP). It provides direct financial assistance to small and medium-sized businesses registered in Canada in order to help them develop new export opportunities and markets.
“Having reported overwhelmingly positive results from our shampoo consumer product test last month, we are grateful to receive this funding, which will support the product’s launch in the U.S. later this year,” said Marc Edwards, President and Chief Executive Officer of Kane Biotech. “As we prepare to execute our U.S. launch strategy, we are looking forward to making our shampoo available to Canadians, via online direct-to-consumer sales, this summer.”
Kane Biotech’s shampoo was developed based on research indicating that the persistence of microbial biofilm may be linked with aggravating the symptoms associated with atopic dermatitis, seborrheic dermatitis (also known as eczema) and dandruff. The shampoo consists of coactiv+TM, a patented anti-biofilm formulation, and contains ingredients approved as safe for human use.
About Kane Biotech Inc.
Kane Biotech is a biotechnology company engaged in the research, development and commercialization of technologies and products that prevent and remove microbial biofilms. The Company has a portfolio of biotechnologies, intellectual property (51 patents and patents pending, trade secrets and trademarks) and products developed by the Company's own biofilm research expertise and acquired from leading research institutions. StrixNB™, DispersinB®, Aledex®, bluestem™, silkstem™, coactiv+™ and Kane® are trademarks of Kane Biotech Inc. The Company is listed on the TSX Venture Exchange under the symbol "KNE."
For more information, please visit www.kanebiotech.com, or contact:
Marc Edwards
Chief Executive Officer
Kane Biotech Inc.
+1 (514) 910-6991
medwards@kanebiotech.com
Ray Dupuis
Chief Financial Officer
Kane Biotech Inc.
+1 (204) 298-2200
rdupuis@kanebiotech.com
Stephen Kilmer
Investor Relations
+1 (646) 274-3580
skilmer@kanebiotech.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
COVID-19 Pandemic
The outbreak of COVID-19, the disease caused by the novel SARS-CoV-2 strain of coronavirus, was declared a global pandemic by the World Health Organization on March 11, 2020 and has resulted in a widespread health crisis that has affected economies and financial markets around the world, resulting in an economic downturn. The effects of this pandemic on the Company may include decreased customer demand, interruptions to supply chains, manufacturing activities and research and development programs and increased government regulations or interventions. The duration and impact of the COVID-19 outbreak is unknown at this time and it is not possible to reliably estimate the length and severity of these developments nor the impact of these developments on the financial results and condition of the Company in future periods.
Released June 24, 2020