Kane Biotech Receives Funding for Research and Development
WINNIPEG, Manitoba, Oct. 08, 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, is pleased to announce that they have been awarded a non-repayable contribution of up to CAD $340,680 from the National Research Council of Canada Industrial Research Assistance program (NRC IRAP). The contribution covers the period from October 7, 2019 to May 31, 2021.
Kane intends to use this funding to support research and development in order to enhance its quality assurance, quality control, and supply chain capabilities to support its rapidly growing animal health sales and commercialization efforts. As a result of this support, the company will be well-positioned to fulfill regulatory requirements associated with its first human health product, a DispersinB Hydrogel, which is in late-stage development. “This contribution will allow us to keep pace with our rapidly growing animal health sales and supports our commitment to the continual improvement of our products,” stated Marc Edwards, Chief Executive Officer of Kane Biotech. “We are focused on building out our portfolio of animal health products and partnering with some of the big names in the space, and this funding will serve as a catalyst for our continued growth and geographic expansion. The next few months will be pivotal for Kane as we invest heavily in commercialization efforts and continued R&D. We’ve brought on several very strong hires, increased the reach and volume of our animal health/oral care product sales, and furthered the development of our DispersinB hydrogel for wound care. I appreciate the support from NRC IRAP and look forward to sharing our progress in the coming months.”About Kane BiotechKane 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”.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Caution Regarding Forward-Looking InformationThis 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.