Kane Biotech Announces Share Purchase by CEO, Exercise of Warrants, Reimbursement of Insider Advances and Extension of Loan
August 13 2019 - 6:55AM
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, today announced multiple
advancements that will have a positive impact on both their
shareholder and capital structure.
Marc Edwards, Chief Executive Officer of Kane Biotech, acquired
175,000 shares of Kane Biotech stock on the open market August 8,
2019 at an average price of 14.21 cents per share, bringing his
total holdings to 2,028,000 shares. In addition, on July 17, 3.5
million share purchase warrants were exercised by a related party,
for a total value of $280,000. The Corporation has also recently
reimbursed $1.05 million of cash advances back to insiders and
extended the expiry date of its $500,000 loan from Individual
Investment Corporation to January 17, 2020.
“I continue to believe that Kane is a great investment” stated
Marc Edwards, Chief Executive Officer of Kane. “We are in a great
position to execute on our strategy and accelerate growth, and we
have achieved a number of significant milestones that I do not
believe have been fully reflected in the stock price.”
“I am pleased with our improved balance sheet and increased
market capitalization of late,” stated Ray Dupuis, Chief Financial
Officer of Kane Biotech. “Our entire team is dedicated to expanding
our Animal Health portfolio and developing Human Health products
for commercialization, and our improved cash position will enable
us to carry on with these activities and continue to increase
shareholder value.”
No additional consideration is required by the Corporation in
connection with this loan extension other than a small renewal fee
and the continuation of regular interest payments.
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 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".
For more information, please visit
www.kanebiotech.com, or contact:
Marc EdwardsChief Executive OfficerKane Biotech
Inc.
+1 (514)
910-6991
medwards@kanebiotech.com
Ray DupuisChief Financial OfficerKane Biotech Inc.+1 (204)
298-2200
rdupuis@kanebiotech.com
Joe Green US. Investor Relations Edison Inc.+1 (646) 653-7030
jgreen@edisongroup.com
Laine YonkerUS. Investor RelationsEdison Inc. +1 (646) 653
7035
lyonker@edisongroup.com
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.
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