• Kane Biotech (KNE) gets FDA clearance for its coactiv+™ antimicrobial wound gel
  • The company hopes to disrupt global wound care hydrogel market
  • The wound gel is an odorless hydrogel that gives a moist environment for wounds to heal promptly and properly
  • The company sees this new ointment as an extreme positive given the stress that is placed on our health care system when it comes to wound care
  • Kane Biotech (KNE) is up more than 4.50 per cent, trading at C$0.12 at 11:18 am EST

Kane Biotech (TSXV:KNE) receives 510(k) clearance of its coactiv+antimicrobial wound gel from the U.S. Food and Drug Administration for the management of ulcers, first and second degree burns, and more.

It can also be used for the management of minor skin scrapes, cuts, minor lacerations, minor burns and abrasions.

The wound gel is an odorless hydrogel that gives a moist environment for wounds to heal promptly and properly. coactiv+ Antimicrobial Wound Gel can facilitate debridement through a moist wound environment.

“This clearance also opens the door for a large number of global markets. Building on our previously announced agreements with ProgenaCare Global LLP and Salud Pharma S.A., we anticipate future global distribution agreements,” said Marc Edwards, President and Chief Executive Officer.

This latest news has put the company in line to receive a payment from ProgenaCare for $500,000, which it should receive by the end of the month.

Chronic wounds present a significant financial burden to the U.S. healthcare system. Studies of Medicare data estimate the cost to treat these wounds at between $28 billion and $96 billion.

The company sees this new ointment as an extreme positive given the stress that is placed on our health care system when it comes to wound care.

A  high failure rate of wound care can lead to amputation, sepsis, and death.

One of the major reasons for this failure is the formation of bacterial biofilms, which are present in over 80 per cent of chronic wounds.

coactiv+ Antimicrobial Hydrogel is able to increase the ability of healthcare clinicians to effectively treat chronic wounds and burns.

Kane Biotech is a biotechnology company working towards research, deveolopment and commercialization of technologies and products preventing and removing microbial biofilms.

Kane Biotech (KNE) is up more than 4.50 per cent, trading at C$0.12 at 11:18 am EST.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.

More From The Market Online

Luca Mining reveals high-grade gold zones at Tahuehueto Mine

Luca Mining (TSXV:LUCA) reveals new high-grade gold mineralization off the main Creston vein at its Tahuehueto Gold Mine in Mexico.

Cloud DX among leading remote patient monitoring suppliers in Canada

Cloud DX (TSXV:CDX) gives an update on its remote patient monitoring deal with the British Columbia Provincial Health Services Authority.

Introducing the newest player in global drone technology

Drone Delivery Canada (TSXV:FLT) and Volatus Aerospace (TSXV:VOL) will merge into a global drone technology and services company.

Aston Bay unearths thick new copper zones in Nunavut

Aston Bay Holdings Ltd. (TSXV:BAY) provides an update on results from drilling activities at its Storm Copper Project.