WINNIPEG, Manitoba, Nov. 28, 2024 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX- V:KNE; OTCQB:KNBIF) (“Kane Biotech”, “Kane” or the “Company”) today announces its third quarter 2024 financial results.
Third Quarter 2024 Financial Highlights (Comparatives Exclude Discontinued STEM Animal Health “STEM” Operations):
Detailed financial information about Kane Biotech can be found in its September 30, 2024 Financial Statements and Management Discussion and Analysis on SEDAR and the Company’s website.
Recent Corporate Developments:
“In the third quarter we recorded our first commercial sale of revyveTM Antimicrobial Wound Gel, signed two new revyveTM Wound Gel product distribution agreements in the Middle East, received our MDSAP Quality Certification, and were awarded $200,000 in NRC IRAP funding,” said Marc Edwards, President & CEO of Kane Biotech. “And already in the fourth quarter, we have been awarded an additional $75,000 in NRC IRAP funding, signed an exclusive five-year distribution agreement for XSONX’s Wound Hygiene System, signed an agreement to acquire FB Dermatology and received Health Canada approval of our revyveTM Antimicrobial Wound Gel. We continue to execute on our strategic plan and are positioning the Company for success in 2025 and beyond.”
The link to the Q3 2024 update video provided by Marc Edwards can be found here: Q3 2024 Update Video.
Conference Call
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 (66 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. DispersinB®, Aledex™, coactiv+™, coactiv+®, DermaKB™, DermaKB Biofilm™, and revyve™ 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”.
For more information:
Marc Edwards | Ray Dupuis | |||
Chief Executive Officer | Chief Financial Officer | |||
Kane Biotech Inc | Kane Biotech Inc | |||
This email address is being protected from spambots. You need JavaScript enabled to view it. | This email address is being protected from spambots. You need JavaScript enabled to view it. | |||
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 Information
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.
KANE BIOTECH INC. | ||||||||||||||||
Selected Financial Results | ||||||||||||||||
Consolidated Statements of Comprehensive Income (Loss) | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Total revenue, continuing operations | $ | 1,282,698 | $ | 27,003 | $ | 1,955,021 | $ | 91,192 | ||||||||
Gross profit, continuing operations | 558,754 | 3,512 | 995,720 | 16,023 | ||||||||||||
Operating expenses, continuing operations | ||||||||||||||||
General and administration | 986,824 | 716,839 | 2,752,152 | 1,540,057 | ||||||||||||
Research | 183,240 | 277,962 | 1,109,463 | 634,164 | ||||||||||||
Total operating expenses, continuing operations | 1,170,064 | 994,801 | 3,861,615 | 2,174,221 | ||||||||||||
Loss prior to other expenses, continuing operations | (611,310 | ) | (971,310 | ) | (2,902,314 | ) | (2,099,052 | ) | ||||||||
Net other expenses, continuing operations | 67,326 | 272,789 | 486,104 | 940,871 | ||||||||||||
Loss and comprehensive loss for the period, | ||||||||||||||||
continuing operations | $ | (678,636 | ) | $ | (1,244,099 | ) | $ | (3,388,418 | ) | $ | (3,039,923 | ) | ||||
Income (loss) and comprehensive income (loss) | ||||||||||||||||
from discontinued operations | $ | 72,823 | $ | (201,471 | ) | $ | 10,637,610 | $ | (618,237 | ) | ||||||
Net income (loss) and comprehensive income (loss) | ||||||||||||||||
attributable to shareholders | $ | (605,813 | ) | $ | (1,378,401 | ) | $ | 7,180,877 | $ | (3,452,040 | ) | |||||
Net income (loss) and comprehensive income (loss) | $ | (605,813 | ) | $ | (1,445,570 | ) | $ | 7,249,192 | $ | (3,658,160 | ) | |||||
Basic income (loss) per share for the period | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.05 | $ | (0.04 | ) | |||||
Weighted average shares outstanding - basic | 133,788,741 | 126,798,371 | 132,667,757 | 125,527,781 | ||||||||||||
Consolidated Statements of Financial Position | September 30, | December 31 | ||||||||||||||
2024 | 2023 | |||||||||||||||
Cash and cash equivalents | $ | 544,377 | $ | 749,248 | ||||||||||||
Other current assets | 1,668,057 | 502,164 | ||||||||||||||
Assets held-for-sale - current | - | 2,471,694 | ||||||||||||||
Non-current assets | 1,692,938 | 1,799,008 | ||||||||||||||
Assets held-for-sale - non-current | - | 158,805 | ||||||||||||||
Total assets | $ | 3,905,372 | $ | 5,680,919 | ||||||||||||
Current liabilities | $ | 2,759,962 | $ | 10,273,267 | ||||||||||||
Liabilities held-for-sale - current | - | 621,133 | ||||||||||||||
Non-current liabilities | 1,834,056 | 2,366,593 | ||||||||||||||
Liabilities held-for-sale - non-current | - | 829,318 | ||||||||||||||
Shareholders' deficit | (688,646 | ) | (8,409,392 | ) | ||||||||||||
Total liabilities and shareholders' equity | $ | 3,905,372 | $ | 5,680,919 | ||||||||||||
Last Trade: | C$0.11 |
Daily Volume: | 34,368 |
Market Cap: | C$13.910M |
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