Kane Biotech Advances in Clinical Development and Finance
Kane Biotech Offers Important Corporate Developments
WINNIPEG, Manitoba — Kane Biotech Inc. (TSX-V:KNE) is sharing significant updates on its reorganization journey. The company emphasizes its commitment to enhancing its product distribution and financial stability.
Termination of Distribution Agreement
The Company has ended its exclusive distribution arrangement with ProgenaCare Global LLC due to multiple breaches of contract by ProgenaCare. This decision aims to allow Kane Biotech to regain control over the distribution of its products within the market.
Engagement with PrairiesCan
Recently, Kane Biotech received a notice of default from Prairies Economic Development Canada regarding a previous partnership agreement. This agreement involved a total contribution of $2,491,266, repayable over a specified period. To date, Kane Biotech has made all payments due, except for the upcoming June installment.
Prior to this notice, Kane Biotech communicated with PrairiesCan regarding a possible restructuring of the loan repayments to facilitate the completion of the payment schedule.
New Financial Approach
In a strategic move to secure its financial footing, Kane Biotech announced that it has established an unsecured demand loan of $1 million from an insider. The company plans to transition this loan into a five-year convertible debenture, pending approval from the TSX Venture Exchange. This step showcases the company’s proactive approach to financial management.
Details of the Convertible Debenture
The convertible debenture carries an interest rate of 3% per annum and is convertible into common shares of Kane Biotech at a price of $0.10 per share. This conversion is regarded as a related party transaction, so the company is exempt from specific valuation and approval requirements outlined in relevant securities regulations.
Clinical Advancements
Kane Biotech is also making strides in its clinical development. The company is executing plans to introduce its revyve™ Antimicrobial Wound Gel and revyve™ Antimicrobial Wound Gel Spray to the US market. Ongoing clinical cases with respected medical professionals target chronic wound care and burn treatment.
Expected Outcomes
These efforts are expected to yield preclinical and clinical data presentations in the upcoming years, highlighting the efficacy and potential of Kane Biotech's products in enhancing wound care.
Company Overview
Kane Biotech focuses on innovative wound care solutions aimed at disrupting biofilms, which are significant factors in antibiotic resistance and poor healing outcomes. The Company’s flagship product, revyve™, directly addresses these issues, promoting better healing results for patients.
Contact Information
If you'd like additional details or have questions, you can reach out to:
Dr. Robert Huizinga
Interim CEO
Phone: (780) 970-1100
Email: [email protected]
Ray Dupuis
Chief Financial Officer
Phone: (204) 298-2200
Email: [email protected]
Frequently Asked Questions
What recent changes has Kane Biotech made in its distribution?
Kane Biotech has terminated its distribution agreement with ProgenaCare due to breaches and is working to secure new distribution channels.
How is Kane Biotech managing its financial obligations?
The company is restructuring loan repayments with PrairiesCan and has secured a new convertible debenture from an insider to support its financial strategy.
What are the key clinical trials ongoing at Kane Biotech?
Kane is conducting clinical trials for its revyve™ products focusing on chronic wound and burn care in collaboration with medical professionals in the US.
What is the significance of the convertible debenture?
The convertible debenture provides Kane Biotech with essential funding and allows for future conversion to equity, strengthening its financial position.
How does Kane Biotech address antibiotic resistance?
Kane Biotech's products target biofilms, crucial contributors to antibiotic resistance, offering innovative solutions for improved wound healing.
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