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WINNIPEG, Manitoba, May 06, 2022 (GLOBE NEWSWIRE) – Kane Biotech Inc. (TSX-V: KNE; OTCQB: KNBIF) (“Kane Biotech” or the “Company”), has announced that its private placement of up to 10,000 .000 common stock (“Shares”) at a price of $ 0.10 per Share for aggregate gross proceeds of up to $ 1,000,000, as previously announced on March 15, 2022 (the “private placement”), has been fully subscribed. and is expected to close on May 16, 2022.
Some Company insiders are participating in the private placement, including Marc Edwards, the Company’s chief executive officer. Mr. Edwards has agreed to purchase 3,100,000 Shares at a price of $ 0.10 per share for a total purchase price of $ 310,000.
“I am thrilled to personally participate in this private placement as I saw it as an opportunity to grow my position at Kane Biotech. We are consistently reaching significant milestones and we expect this trend to continue, “Edwards said.” This increase follows an exceptional period for Kane Biotech. For example, findings from our U.S. Department of Defense funded preclinical studies of our DispersinB® the wound gel was very interesting and our clinical trials are expected to start later this year. In our pillar of animal health, STEM Animal Health recently received the Veterinary Oral Health Council (VOHC) seal of acceptance for its pet oral care water additive for tartar control, which has triggered milestone payments and minimal royalties from our licensing partners.
The $ 1 million loan will be used primarily for product development and general working capital.
About Kane Biotech
Kane Biotech is a biotech 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 (81 patents and patents pending, trade secrets and trademarks) and products developed from its own research experience on biofilms and acquired by leading research institutes. StrixNB ™, DispersinB®Aledex ™, bluestem ™, bluestem®silkstem ™, goldstem ™, coactive + ™, coactive +®, DermaKB ™ and DermaKB Biofilm ™ are trademarks of Kane Biotech. The Company is listed on the TSX Venture Exchange under the symbol “KNE” and on the OTCQB Venture Market under the symbol “KNBIF”.
Neither the TSX Venture Exchange nor its regulatory service provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Beware of 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: (a) the financial condition of the Company, including the lack of significant revenue to date and dependence 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 Company’s ability to protect its intellectual property and dependence on its strategic partners; and (d) capital structure, including the lack of dividends on its common stock, the volatility of the market price of its common stock and the costs of public companies. Further information on these and other risks and uncertainties can be found in the disclosure documents filed by the Company with the applicable securities regulators, available at www.sedar.com. The Company warns that the foregoing list of factors that could affect future results is not exhaustive.