WINNIPEG, Manitoba, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX- V:KNE; OTCQB:KNBIF) (“Kane Biotech”, “Kane” or the “Company”) announces that it is receiving advisory services and up to $200,000 in research and development funding from the National Research Council of Canada Industrial Research Assistance Program (“NRC IRAP”).

The funding will be received over a period of 20 months and will support the development of three additional products to build on Kane Biotech’s revyve^TM Antimicrobial Wound Gel technology. The Company expects to be able to leverage its newly expanded US Food and Drug Administration (“FDA”) 510(k) clearance for its revyve^TM Antimicrobial Wound Gel.

“We made the strategic decision to ensure that revyve^TM fits within reimbursement as the products are being delivered to patients. These product line extensions will provide either higher price points or higher volumes which will drive our ability to rapidly scale our revenues,” said Marc Edwards, President & CEO. “I would like to thank NRC IRAP for their past and ongoing support of Kane’s research and development.”

Prior support from NRC IRAP has significantly contributed toward the development of Kane Biotech’s quality program infrastructure which led to the Company reaching key milestones in its domestic and global commercialization strategy including ISO 13485:2016 certification, US FDA 510(k) clearance of revyve^TM and most recently its ISO 13485:2016 Medical Device Single Audit Program (MDSAP) Quality Certification.

About Kane Biotech

Kane Biotech Inc. is a biotechnology company engaged in the research, development and commercialization of technologies and products that prevent and remove microbial biofilms. Kane has a portfolio of biotechnologies, intellectual property (68 patents and patents pending, trade secrets and trademarks) and products developed by Kane's own biofilm research expertise and acquired from leading research institutions. DispersinB^®, coactiv+™, coactiv+^®, DermaKB™, DermaKB Biofilm™, and revyve™ are trademarks of Kane Biotech Inc. Kane is listed on the TSX Venture Exchange under the symbol "KNE" and on the OTCQB Venture Market under the symbol “KNBIF”.

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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 Kane’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 Kane 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 Kane with applicable securities regulatory authorities, available at www.sedarplus.ca. Kane cautions that the foregoing list of factors that may affect future results is not exhaustive.