STEM Animal Health Awarded Veterinary Oral Health Council (VOHC) Seal of Acceptance for Pet Oral Care Water Additive
WINNIPEG, Manitoba, April 07, 2022 (GLOBE NEWSWIRE) — Kane Biotech Inc. (TSX-V:KNE; OTCQB:KNBIF) (the “Company” or “Kane Biotech”), is pleased to announce today that STEM Animal Health Inc. (“STEM”) has been awarded the prestigious Veterinary Oral Health Council (VOHC) Seal of Acceptance in the Helps Control Tartar category for its pet oral care water additive.
VOHC acceptance triggers approximately $1.3 million in milestone payments from STEM’s licensing partners. This certification is also expected to significantly increase royalty revenues from both licensing agreements as it triggers minimum royalty payments.
STEM’s pet oral care products developed using Kane’s coactiv+™ technology, inhibit tartar formation and kill bacteria embedded in preformed dental plaque.
“VOHC acceptance is expected to be a major catalyst for STEM’s growth. The global pet oral care market is a multi-billion dollar1 market that is underdeveloped and with VOHC’s acceptance of our water additive, we look forward to continuing to work with our licensing partners to help improve the quality of our pets’ oral care, and to accelerate STEM’s growth,” said Kevin Cole, Chief Executive Officer STEM Animal Health.
Approximately 70% of cats and 80% of dogs develop some degree or form of periodontal disease by the time they are 3 years old according to the American Veterinary Medical Association (AVMA). Additionally, calculus, gingivitis, gum disease, and tooth fractures are common oral issues among pets. The American Pet Products Association (APPA) states that the total pet industry expenditures average in the United States was USD 90.5 billion in 2018, which increased to 99 billion in 2020.
VOHC is recognized worldwide as a professional organization that evaluates products that meet pre-set standards of plaque and calculus (tartar) retardation in dogs and cats. Products are awarded the VOHC Seal of Acceptance following a rigorous review of data from trials conducted according to VOHC protocols. This Seal authorizes the use of the VOHC Registered Seal on products intended to help retard plaque and tartar on the teeth of animals. STEM joins a select group of companies that have previously obtained VOHC acceptance for pet dental products since the establishment of the VOHC in 1997.
About STEM Animal Health
In September 2020, Kane formed STEM as a joint venture with Animalcare Group plc (“Animalcare”). STEM is dedicated to treating biofilm-related ailments in animals. STEM has a global license over Kane’s existing range of animal health oral care products and in collaboration with Animalcare focuses on the research and development of novel animal treatments based on biofilm targeting technology. Animalcare has a one-third plus one share equity interest in STEM with the balance owned by Kane.
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 Company has a portfolio of biotechnologies, intellectual property (81 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™, bluestem®, silkstem™, goldstem™, coactiv+™, coactiv+®, DermaKB™ and DermaKB Biofilm™ are trademarks of Kane Biotech Inc. The Company is listed on the TSX Venture Exchange under the symbol “KNE” and on the OTCQB Venture Market under the symbol “KNBIF”.
- MarketWatch. (2022, January 27). Pet oral care products market size growing at 6.6% CAGR to hit USD 24.5 billion by 2027. MarketWatch. Pet Oral Care Products Market Size growing at 6.6% CAGR to hit USD 24.5 billion by 2027 – MarketWatch
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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.