Kane Biotech Announces end of Joint Development Agreement and Appointment of Vice-President Sales
WINNIPEG, Manitoba – July 11, 2016 – Kane Biotech Inc. (TSX-V:KNE) (the “Corporation” or “Kane Biotech”) today announced that the global animal health company with which it had a Joint Development Agreement (the “JDA”), previously announced by Kane Biotech on May 13, 2015, has made a business decision to decline its option to commercialize Kane Biotech’s companion pet oral care technology. Pursuant to the terms of the JDA and the successful completion of its second milestone trial, Kane Biotech will be paid $50,000 USD which will be included in the Corporation’s second quarter financial statements.
“Kane Biotech remains committed to achieving market success with its companion pet oral care technology and products”, said Mark Ahrens-Townsend, President & CEO. “The results of the JDA validate yet again that our technology works. Sales of our product brands, bluestemTM and StrixNB™, are increasing in the Canadian and US markets. Second quarter product revenue grew significantly and on its own achieved approximately 70% of our total product revenue in 2015. Our team is working hard to market our brands to companion pet owners, expand our base of retail pet stores and vet clinics, and develop new products for the market. Kane Biotech will have a significant presence at SuperZoo 2016, the National Show for Pet Retailers in Las Vegas from August 2 to 4, and we are excited about the opportunities to expand our business with national and regional distributors, independent pet store retailers and major pet store chains.”
In addition, Kane Biotech is excited to announce Mr. Grant Humphrey is joining the Corporation as Vice-President Sales, effective July 11, 2016. “Grant is an entrepreneur who brings high energy and an excellent track record of sales performance and revenue growth. He expands our team and I’m very pleased to have him on board”, said Mark Ahrens-Townsend, President & CEO.
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. Biofilms develop when bacteria and other microorganisms form a protective matrix that acts as a shield against attack. When in a biofilm, bacteria become highly resistant to antibiotics, antimicrobials, biocides, disinfectants, high temperatures and host immune responses. This resiliency contributes to numerous human and animal health related problems such as wound care infections, recurrent urinary tract infections, tooth decay, medical device associated and hospital-acquired infections, and foodborne bacterial infections. According to the United States National Institutes of Health biofilms are estimated to be responsible for 80% of all human bacterial infections and cost individuals, industry, governments and hospitals billions of dollars each year. As such, there is significant interest in safe and effective products that can combat the biofilm problem.
Kane Biotech uses patent protected technologies based on molecular mechanisms of biofilm formation and methods for finding compounds that inhibit or disrupt biofilms. The Corporation has evidence that these technologies have the potential to significantly improve the ability to prevent and/or destroy biofilms in several medical and industrial applications.
Kane Biotech has a portfolio of biotechnologies, intellectual property (patents, patents pending and trademarks) and products developed by the Corporation’s own biofilm research expertise and acquired from leading research institutions. StrixNB™, DispersinB®, Aledex®, bluestem™, AloSera™, coactiv+™ and Kane® are trademarks of Kane Biotech Inc. The Corporation is listed on the TSX Venture Exchange under the symbol “KNE”.
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President & CEO
Kane Biotech Inc.