Kane Biotech Named One of World's Top Ten "Most Innovative Companies" in Biotech by Fast Company Magazine
WINNIPEG, MANITOBA -- (MARKET WIRE) -- 02/24/11 -- Kane Biotech Inc. (TSX VENTURE: KNE), a biotechnology company engaged in the development and commercialization of products that prevent and remove microbial biofilms, has been named one of the top ten companies in the biotech industry by Fast Company in its annual list of the world's "Most Innovative Companies." The magazine, whose editorial team analyzed information on thousands of businesses across the globe, singled out Kane Biotech's "wound care spray that could aid and speed healing" in its March 2011 issue.
"We are honoured to be recognized for the truly innovative technology in our Company's pipeline. This award is a testament to the strength of our business and the healthcare opportunities that our technology will create and it is a privilege to share the stage with some of the leading biotech companies from around the world, including Amgen, OncoGenex, Galapagos and Omeros," stated Gord Froehlich, President and CEO of Kane Biotech Inc.
The complete list of winners can be accessed from the Fast Company website at: http://www.fastcompany.com/most-innovative-companies/2011/top-10-biotech.php
DispersinB® wound spray, Kane Biotech's lead product in development, has recently completed all FDA required biocompatibility tests and the Company expects to submit the Investigational Device Exemption regulatory package to the FDA in Q2 2011.
About Kane Biotech Inc.
Kane Biotech is a biotechnology company engaged in the development and commercialization of products that prevent and remove microbial 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 medical device and wound associated infections and tooth decay.
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.
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
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.
Contacts: Kane Biotech Inc. Gord Froehlich President & Chief Executive Officer 204-477-7592 204-453-1314 (FAX) ir@kanebiotech.com www.kanebiotech.com
Source: Kane Biotech Inc.
Released February 24, 2011