Kane Biotech Announces Conditional Research Award of Up To $3.4 Million
December 03 2019 - 8:00AM
Kane Biotech Inc. (TSX-V:KNE) (the “Company” or “Kane Biotech”)
today announced that it has been selected to receive a potential
award of up to approximately $3.4 million from an unnamed
government agency related to the continuing clinical development of
the Company’s DispersinB® to treat biofilm mediated antimicrobial
resistance in non-healing chronic wounds. This award opportunity is
subject to a number of terms and conditions that have yet to be
agreed upon with the funding agency. Further information will be
provided before the end of the first quarter of 2020.
“This is yet another incredible opportunity for
Kane to significantly accelerate it’s business plan. Although an
agreement has not yet been signed, the selection of our proposal
for award is an important step in the process and we intend to work
diligently and expeditiously with the government agency in
finalizing the terms and conditions associated with this award,”
stated Marc Edwards, CEO of Kane Biotech.
“This achievement is a significant endorsement
of DispersinB® as a potential wound healing agent and of the
outstanding work being done by the Kane team as it continues its
pursuit of the optimal regulatory and product development path for
the commercialization of this technology,” stated Philip Renaud,
Chairman of the Board of Kane Biotech.
About Kane Biotech Inc.
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
(56 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®, bluestem™, AloSera™, coactive+™ and Kane® are
trademarks of Kane Biotech Inc. The Company 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)
910-6991medwards@kanebiotech.com Ray Dupuis Chief Financial
OfficerKane Biotech Inc. +1 (204)
298-2200rdupuis@kanebiotech.com Stephen KilmerInvestor
Relations +1 (646) 274-3580skilmer@kanebiotech.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the 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 laws. 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 Shares, volatility of the
market price of its 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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