Kane Biotech Selected as One of Canada's Top 10(TM) Life Sciences Companies
WINNIPEG, MANITOBA -- (MARKET WIRE) -- 10/14/10 -- Kane Biotech Inc. (TSX VENTURE: KNE), a biotechnology company engaged in the development and commercialization of products that prevent and remove microbial biofilms, is pleased to announce it has been selected as one of the 2010 winners of the annual Canada's Top 10™ Competition. The award was announced on October 13th in Montreal.
"Kane is honored to have been selected to receive this award," stated Kane Biotech President & CEO, Gord Froehlich. "Independent validation from a jury of experienced venture capitalists that posses a strong track record of success in the life sciences industry is highly valuable. We are proud to be included among such a respected, high-profile group of companies."
Kane Biotech is well advanced in the development and testing of its antibiofilm DispersinB® topical spray for wound healing. This award comes less than two weeks after Kane announced the completion of the first set of biocompatibility tests for the topical wound healing spray. The remaining two studies are currently under way and should be completed by the end of Q1 2011 with the aim of submitting an IDE regulatory package to the FDA in Q2 2011.
Competition winners participate in a series of investment forums in select cities across the U.S. Developed together with key sponsors, partners and the Canadian consulates in each city, the forums expose the Top 10™ companies to an exclusive group of top tier United States and Canadian investors, venture capitalists, licensing executives and potential strategic partners in a series of invitation only events.
Current winners and alumni have secured over $600 million in disclosed venture capital financing since being selected for this award.
"I continue to be impressed by the quality of companies that I see coming out of Canada," says Bernhardt Zeisig, Partner, Cycle Ventures LLC. "Because of programs like this, I get to review companies that I would normally not see. This competition is an effective way to put companies in front of investors like us."
For more information about the Canada's Top 10 Competition please visit www.topcanadiancompanies.ca.
About Kane Biotech Inc.
Kane Biotech is a biotechnology company engaged in the development and commercialization of products to prevent and remove biofilms. Biofilms are a major cause of a number of serious medical problems including chronic infections and medical device related infections. They develop on surfaces such as catheters, prosthetic implants, teeth, lungs and the urogenital tract. Biofilms are pervasive, costly to deal with and are involved in approximately 80% of all human bacterial infections. The healing of chronic wounds alone costs the United States health care system $20 Billion per year.
Kane Biotech uses patent protected technologies based on molecular mechanisms of biofilm formation/dispersal and methods for finding compounds that inhibit or disrupt biofilms. The Company has evidence that these technologies have potential to significantly improve the ability to prevent and/or destroy biofilms in several medical and industrial applications.
About the Canada's Top 10™ Competition
The vision for the Canada's Top 10™ is to be Canada's premier investment oriented competition by selecting the best potential investments in Canada for investors and providing high value added services to companies to increase their chances of success, both as they source investment and as they grow and compete in the global environment. Since its inception, competition alumni have secured more than $600M in venture capital financing.
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. 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 & Chief Executive Officer 204-477-7592 204-453-1314 (FAX) ir@kanebiotech.com www.kanebiotech.com Canada's Top 10 Competition Marco Fiori Corporate Development 613-828-6274 x 133 info@topcanadiancompanies.ca
Released October 14, 2010