Kane Biotech Engages Research Capital to Conduct Strategic Review of STEM Animal Health
02 Agosto 2023 - 8:30AM
Kane Biotech Inc. (TSX-V:KNE OTCQB:KNBIF) (the
“
Company”, “
Kane” or
“
Kane Biotech”) announced today that it has
engaged Research Capital Corporation as Kane’s exclusive financial
advisor (the “
Advisor”) to conduct a strategic
review process for its STEM Animal Health business division
(“
STEM”). Kane is considering a variety of
strategic alternatives to maximize shareholder value with regards
to STEM. These alternatives could include, among other things, the
sale of all or part of its assets in STEM, a merger or other
business combinations with another party, or any other strategic
transaction. There can be no assurance that the process will result
in any transaction.
STEM formed in partnership with Animalcare Group plc (AIM:ANCR,
“Animalcare”) is dedicated to targeting
biofilm-related ailments. STEM’s pet oral care products, developed
using Kane’s coactiv+™ technology, inhibit tartar formation and
kill bacteria embedded in preformed dental plaque. In 2020,
Animalcare acquired its 33% equity interest in STEM, while making a
commitment to invest $5M in the business. The remaining 67% of STEM
is owned by Kane Biotech.
STEM’s Veterinary Health Care Council (“VOHC”)
approved pet oral care technology is commercialized directly by
STEM under the bluestem™ brand and is licensed in the veterinary
space to Dechra Veterinary Products LLC (LON:DPH,
“Dechra”) in the Americas and to Animalcare
outside of the Americas. STEM also recently announced a
licensing and distribution agreement with Skout’s Honor Pet Supply
Company (“Skout’s Honor”) for the North American
pet retail channel.
STEM product and services revenues grew by 31% in 2022 vs. 2021
while royalty revenues grew by 76% in 2022 vs 2021 and both revenue
streams continue to be on a strong growth trajectory in 2023. With
a global oral care market valued at $5.2 billion, the joint venture
allows STEM Animal Health to reach beyond North America and deliver
products to companion animals in the global market.
“Over the last three years, in collaboration with Animalcare,
we’ve created significant value by achieving the VOHC Seal of
Acceptance, growing product sales and expanding the number of
licensing agreements. The aim of this strategic review and
subsequent actions are to create a more focused, agile group with a
core focus on providing human wound care and dermatology solutions
capable of delivering sustainable returns and enhancing shareholder
value," said Marc Edwards, President, and Chief Executive
Officer.
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 Company has a portfolio
of biotechnologies, intellectual property (80 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®, Aledex™,
bluestem™, bluestem®, silkstem™, goldstem™, coactiv+™, coactiv+®,
DermaKB™ and DermaKB Biofilm™ are trademarks of Kane Biotech Inc.
The Company is listed on the TSX Venture Exchange under the symbol
"KNE" and on the OTCQB Venture Market under the symbol “KNBIF.”
For more
information: |
|
Marc Edwards |
Ray Dupuis |
Nicole Sendey |
Chief Executive
Officer |
Chief Financial Officer |
Investor Relations/PR |
Kane Biotech Inc |
Kane Biotech Inc |
Kane Biotech Inc |
medwards@kanebiotech.com |
rdupuis@kanebiotech.com |
nsendey@kanebiotech.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
InformationThis 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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