- Kane Biotech (TSXV:KNE) is selling its entire interest in STEM Animal Health to a third-party pharmaceutical company for C$11.5 million
- The sale aims to strengthen the company’s financial position and refocus the company on human health biofilm solutions
- Proceeds of the sale will go towards repaying existing debt and for general corporate purposes
- Shares of Kane Biotech are down 6.67 per cent to C$0.14 as of 11:13 am ET
Kane Biotech (TSXV:KNE) has revealed it is selling its entire interest in STEM Animal Health to a third-party pharmaceutical company for C$11.5 million.
The company stated in a press release that the sale aims to strengthen the company’s financial position and refocus the company on human health biofilm solutions.
Proceeds of the sale will go towards repaying existing debt and for general corporate purposes.
“Kane Biotech will be receiving full value for the successful animal health business that it created, allowing the company to significantly strengthen its balance sheet and narrow its focus on human health biofilm solutions,” Marc Edwards, CEO of Kane Biotech, said in a statement.
The announcement of the sale of its STEM Animal Health comes after the release of Kane Biotech’s Q4 2023 and full-year financial results at the end of March.
Over the course of 2023, the company had several operational milestones, including:
- Signing a distribution agreement with ProgenaCare for its coactiv+ Antimicrobial Wound Gel in the U.S. wound care market
- Receiving clearance of its coactiv+ Antimicrobial Wound Gel from the U.S. Food and Drug Administration to manage ulcers (including diabetic foot and leg ulcers and pressure ulcers), first- and second-degree burns, partial and full thickness wounds, large surface area wounds and surgical incisions for adult populations
- Launch the newly rebranded revyve Antimicrobial Wound Gel (formerly coactiv+ Antimicrobial Wound Gel)
“In 2023 and early 2024 we signed multiple licensing and distribution agreements, received U.S. FDA clearance of our revyve Antimicrobial Wound Gel, strengthened our Board and signed a non-binding offer for the sale of Kane’s interest in STEM Animal Health,” Edwards said in a statement. “I am extremely proud of everything we have accomplished and look forward to more exciting developments throughout the remainder of 2024.”
Kane Biotech is focused on the research, development and commercialization of technologies and products that prevent and remove microbial biofilms.
Its portfolio includes intellectual property of 67 patents and patents pending, trade secrets and trademarks. Meanwhile, its products include StrixNB™, DispersinB®, Aledex™, bluestem™, bluestem®, silkstem™, goldstem™, coactiv+™, coactiv+®, DermaKB™, DermaKB Biofilm™ and revyve.
Shares of Kane Biotech (TSXV:KNE) are down 6.67 per cent to C$0.14 as of 11:13 am ET.
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