- Kane Biotech (TSXV:KNE) has received C$54,750 in funding from the Canadian Government under its CanExport SMEs program
- Delivered by the Trade Commissioner Service, the program provides financial assistance to small companies looking to develop new exportable products
- The company will use the funds to facilitate the launch of its Human Health anti-biofilm shampoo
- Product testing of the shampoo completed last month gave way to positive results and feedback
- Kane Biotech (KNE) is currently steady and is trading at 17 cents per share
Kane Biotech (TSXV:KNE) has received C$54,750 in funding from the Canadian Government under its CanExport SMEs program.
Delivered by the Trade Commissioner Service, in partnership with the National Research Council’s Industrial Research Assistance Program, the CanExport program offers financial assistance to eligible small and medium-sized businesses for the development of new export opportunities.
Under the program, for-profit companies with no more than 500 employees and between $100,000 and $100 million in annual revenue are able to apply for funding to support a range of activities.
These include market research, expert advice on legal, business and tax matters, intellectual property protection and business travel, although this has currently been suspended.
Kane Biotech intends to use the funds to support marketing costs associated with the US launch of its Human Health anti-biofilm shampoo, along with the international expansion of its Animal Health business.
The shampoo was originally developed based research that suggested the persistence of microbial biofilm could be connected to the aggravation of systems associated with dermatitis, eczema and dandruff. It a patented anti-biofilm compound, along with other ingredients approved for human use.
Marc Edwards, President and CEO of Kane Biotech, commented on the receipt of the funding.
“Having reported overwhelmingly positive results from our shampoo consumer product test last month, we are grateful to receive this funding, which will support the product’s launch in the US later this year.
“As we prepare to execute our US launch strategy, we are looking forward to making our shampoo available to Canadians, via online direct-to-consumer sales, this summer,” he said.
Kane Biotech (KNE) is steady and is trading at 17 cents per share a 1:38pm EDT.
