Kane Biotech Provides Further Corporate Update
WINNIPEG, Manitoba, June 18, 2025 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX-V:KNE) (the “Company”, “Kane” or “Kane Biotech”) provides updates on its reorganizational phase.
The Company has terminated its exclusive distribution agreement with ProgenaCare Global LLC (“ProgenaCare”) dated April 18, 2023 due to various material breaches by ProgenaCare of the agreement. Activities to resecure distribution for its products in the United States are underway.
The Company recently received a notice of default from Prairies Economic Development Canada (“PrairiesCan”). The notice relates to the Contribution Agreement between Western Economic Diversification Canada (now PrairiesCan) and Kane Biotech dated August 6, 2019, in which PrairiesCan provided the Company with repayable contributions of $2,491,266. The contributions are repayable in 59 consecutive monthly installments of $42,000 and one final instalment of $13,266 on an unsecured, interest-free basis which commenced on April 1, 2023. Kane has made all required repayments from April 1, 2023 to date excepting that of the payment due June 1, 2025.
The Company has been in communication with PrairiesCan prior to the notice whereby it requested a restructuring of the timing of the remaining loan repayments with the intention of repaying the outstanding balance in full.
Kane previously advised on April 28, 2025, that an unsecured demand loan of $1 million (the “Loan”) from an insider of the Company was entered into and funds received. The lender has agreed to convert the Loan to a five-year, unsecured convertible debenture in the principal amount of $1 million (the “Debenture”) all of which is subject to the approval of the TSX Venture Exchange. Interest on the Debenture shall accrue at the rate of three percent (3%) per annum, compounded annually and payable at maturity. The Debenture is convertible into common shares of Kane at the option of the holder at a price of $0.10 per common share. There are no broker fees or commissions related to this matter.
The conversion of the Loan to the Debenture is a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is exempt from the formal valuation and minority approval requirements for related party transactions pursuant to Subsection 5.5(b) and Subsection 5.7(1)(e) of MI 61-101, respectively.
The Company is now executing its clinical plan to underpin the commercial introduction of its revyveTM Antimicrobial Wound Gel and revyveTM Antimicrobial Wound Gel Spray in the US market. We are presently conducting clinical case series there with respected medical professionals in both chronic wound care and burn care patients which will result in the presentation of preclinical and clinical case series data in late 2025 and 2026.
This press release does not constitute an offer to sell or the solicitation of an offer to buy this security, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.
About Kane Biotech
Kane Biotech is developing novel wound care treatments that disrupt biofilms and transform healing outcomes. Biofilms are one of the main contributors to antibiotic resistance in wounds which results in serious clinical outcomes and significant cost. revyve™ addresses both biofilms and wound bacteria.
For more information:
| Dr. Robert Huizinga | Ray Dupuis | ||||
| Interim CEO | Chief Financial Officer | ||||
| Kane Biotech Inc | Kane Biotech Inc | ||||
| (780) 970-1100 | (204) 298-2200 | ||||
Neither the 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 +.ca. The Company cautions that the foregoing list of factors that may affect future results is not exhaustive.
