Kane Biotech Announces Third Quarter 2024 Financial Results
2024年11月29日 - 6:15AM
Kane Biotech Inc. (TSX- V:KNE; OTCQB:KNBIF) (“Kane Biotech”, “Kane”
or the “Company”) today announces its third quarter 2024 financial
results.
Third Quarter 2024 Financial Highlights
(Comparatives Exclude Discontinued STEM Animal Health “STEM”
Operations):
- Product sales for the three months ended September 30, 2024 was
$597,677 compared to $3,631 in the three months ended September 30,
2023. During the third quarter, the Company recorded $594,705 from
its first commercial sales of revyveTM Antimicrobial Wound Gel to
its US distributor ProgenaCare.
- Product services revenue for the three months ended September
30, 2024 was $685,021, an compared to $nil in the three months
ended September 30, 2023. Product services revenue is derived from
animal health manufacturing and quality control services that the
Company is providing for a limited time post sale of STEM.
- Total revenue for the three months ended September 30, 2024 was
$1,282,698 compared to $27,003 in the three months ended September
30, 2023.
- Gross profit for the third quarter of 2024 was $558,754,
compared to $23,491 for the third quarter of 2023.
- Total operating expenses for the three months ended September
30, 2024 were $1,170,064, an increase of 18% compared to $994,801
for the three months ended September 30, 2023. The increase is
primarily due to higher employee compensation, consulting, travel
and investor relations expenses recorded in the current
period.
- Net loss from continuing operations for the third quarter of
2024 was $(678,636), a decrease of 45% compared to a net loss from
continuing operations of ($1,244,099) for the quarter ending
September 30, 2023.
Detailed financial information about Kane Biotech can be found
in its September 30, 2024 Financial Statements and Management
Discussion and Analysis on SEDAR and the Company’s website.
Recent Corporate Developments:
- On November 27, 2024, Kane Biotech announced that BioStem
Technologies Inc. has recently signed a Letter of Intent to acquire
commercial stage products and development technologies from the
Company’s current U.S. distributor, ProgenaCare, including
exclusive US distribution rights for Kane’s revyveTM Antimicrobial
Wound Gel.
- On November 14, 2024, the Company announced that it has
received Health Canada approval of its revyve™ Antimicrobial Wound
Gel as a Class 2 Medical Device. This approval allows the Company
to immediately start promoting and selling this product in
Canada.
- On November 12, 2024, the Kane Biotech announced that it has
entered into a binding term sheet setting out the key terms and
conditions relating to the acquisition of all of the issued and
outstanding shares of FB Dermatology incorporated under the laws of
Italy. FB Dermatology currently has operations in Italy and
Australia with product sales throughout Europe, Australia and New
Zealand. The closing of the Acquisition is expected to occur on or
about January 31, 2025.
- On October 23, 2024, the Company announced that it is donating
2,000 ounces of revyve™ Antimicrobial Wound Gel to the Ukraine
medical relief effort. The product will be used to assist in the
healing of severe and chronic wounds that tens of thousands of
Ukrainian casualties have suffered as a result of the devastating
effects of war.
- On October 17, 2024, the Company announced that it has signed
an exclusive five-year distribution agreement with XSONX LLC
(“XSONX”) for Kane to distribute XSONX’s Wound Hygiene System in
Canada, Australia, New Zealand and the Gulf Cooperation Council
(GCC) Countries. The XSONX Wound Hygiene System is a cordless
vibrational debridement tool which safely cleans and debrides
chronic and contaminated wounds. More information can be found at
www.xsonx.com.
- On October 3, 2024, Kane Biotech announced that it is receiving
advisory services and up to $75,000 in funding through the National
Research Council of Canada Industrial Research Assistance Program
(NRC IRAP) to collaborate on a research and development project
with a multinational corporate partner. The goal of the
collaboration project is to develop a Proof-of Concept for its
DispersinB® Wound Gel. Over a period of six months, Kane will be
working closely on this project with one of the world’s largest
wound care companies as its collaborator.
- On September 12, 2024, the Company announced the exercise of an
aggregate of five million warrants at an exercise price of $0.10
per common share for total proceeds of $500,000.
- On August 28, 2024, the Company announced that it had signed a
three-year distribution agreement with Qatar Datamation Systems for
its revyve™ Antimicrobial Wound Gel in the Qatar wound care
market.
- On August 22, 2024, Kane Biotech announced that it had signed a
three-year distribution agreement with Razan Medical & Surgical
Equipment Trading LLC for its revyve™ Antimicrobial Wound Gel in
the United Arab Emirates (UAE) wound care market.
- On August 13, 2024, Kane Biotech announced that it is receiving
advisory services and up to $200,000 in research and development
funding from the National Research Council of Canada Industrial
Research Assistance Program (NRC IRAP). The funding will be
received over a period of 20 months and will support the
development of three additional products to build on Kane Biotech’s
revyveTM Antimicrobial Wound Gel technology. The Company expects to
be able to leverage its newly expanded FDA 510(k) clearance for its
revyveTM Antimicrobial Wound Gel.
- On July 23, 2024, Kane Biotech announced that the US FDA had
eliminated its usage limitation on the Company’s 510(k) cleared
revyve™ Antimicrobial Wound Gel. Prior to the removal of this
restriction, there was a 90 grams/month limit to the amount of
revyve™ product that could be administered to patients. This now
clears the way for the introduction and extended use of Kane’s
revyve™ Antimicrobial Wound Gel Spray which is expected to be
filled in spray cans in a higher quantity making it ideal for
application on large wounds.
- On July 17, 2024, Kane Biotech announced that it has received
ISO 13485:2016 Medical Device Single Audit Program (“MDSAP”)
Quality Certification as a designer, developer and manufacturer of
medical devices. These standards require the existence of a
comprehensive quality management system with a focus on areas
directly impacting patient safety, product performance and
reliability. Obtaining the ISO 13485:2016 MDSAP certification
allows Kane to apply for regulatory approval of its revyve™
Antimicrobial Wound Gel in Canada, Australia, New Zealand and
Brazil. MDSAP is an enhancement of Kane’s previous quality
certification which enabled Kane to receive US Food and Drug
Administration 510(k) clearance for revyve™.
- On July 11, 2024, Kane Biotech announced that it has signed a
worldwide license agreement with Arizona-based Omni Bioceutical
Innovations Inc. for its coactiv+™ line of scalp care products. The
five-year non-exclusive agreement will see Omni commercialize
Kane’s scalp detoxifier product under the Omni Bioceuticals brand
in the medical aesthetics market
“In the third quarter we recorded our first commercial sale of
revyveTM Antimicrobial Wound Gel, signed two new revyveTM Wound Gel
product distribution agreements in the Middle East, received our
MDSAP Quality Certification, and were awarded $200,000 in NRC IRAP
funding,” said Marc Edwards, President & CEO of Kane Biotech.
“And already in the fourth quarter, we have been awarded an
additional $75,000 in NRC IRAP funding, signed an exclusive
five-year distribution agreement for XSONX’s Wound Hygiene System,
signed an agreement to acquire FB Dermatology and received Health
Canada approval of our revyveTM Antimicrobial Wound Gel. We
continue to execute on our strategic plan and are positioning the
Company for success in 2025 and beyond.”
The link to the Q3 2024 update video provided by Marc Edwards
can be found here: Q3 2024 Update Video.
Conference Call
- Kane Biotech is pleased to invite all interested parties to
participate in a conference call on Tuesday, December 3, 2024 at
4:30pm ET to review the financial results and discuss business
developments in the period.
- Participants can access the live webcast link as follows:
Conference call with Q&A or conference call listen only mode. A
webcast of the call will be available on the Company's website at
kanebiotech.com under "News/Events" in the Investors section of the
Kane Biotech website at ir.kanebiotech.com.
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 (66 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. DispersinB®, Aledex™, coactiv+™,
coactiv+®, DermaKB™, DermaKB Biofilm™, and revyve™ 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:
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Marc Edwards |
Ray Dupuis |
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Chief Executive Officer |
Chief Financial Officer |
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Kane Biotech Inc |
Kane Biotech Inc |
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medwards@kanebiotech.com |
rdupuis@kanebiotech.com |
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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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KANE BIOTECH INC. |
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Selected Financial Results |
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Consolidated Statements of Comprehensive Income
(Loss) |
Three months ended September 30, |
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Nine months ended September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Total revenue, continuing operations |
$ |
1,282,698 |
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$ |
27,003 |
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$ |
1,955,021 |
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$ |
91,192 |
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Gross profit, continuing operations |
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558,754 |
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3,512 |
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995,720 |
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16,023 |
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Operating expenses, continuing operations |
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General and administration |
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986,824 |
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716,839 |
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2,752,152 |
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1,540,057 |
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Research |
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183,240 |
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277,962 |
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1,109,463 |
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634,164 |
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Total operating
expenses, continuing operations |
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1,170,064 |
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994,801 |
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3,861,615 |
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2,174,221 |
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Loss prior to other expenses, continuing
operations |
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(611,310 |
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(971,310 |
) |
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(2,902,314 |
) |
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(2,099,052 |
) |
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Net other expenses, continuing operations |
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67,326 |
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272,789 |
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486,104 |
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940,871 |
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Loss and comprehensive loss for the period, |
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continuing operations |
$ |
(678,636 |
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$ |
(1,244,099 |
) |
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$ |
(3,388,418 |
) |
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$ |
(3,039,923 |
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Income (loss) and comprehensive income (loss) |
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from discontinued
operations |
$ |
72,823 |
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$ |
(201,471 |
) |
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$ |
10,637,610 |
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$ |
(618,237 |
) |
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Net income (loss) and comprehensive income
(loss) |
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attributable to shareholders |
$ |
(605,813 |
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$ |
(1,378,401 |
) |
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$ |
7,180,877 |
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$ |
(3,452,040 |
) |
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Net income (loss) and comprehensive income
(loss) |
$ |
(605,813 |
) |
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$ |
(1,445,570 |
) |
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$ |
7,249,192 |
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$ |
(3,658,160 |
) |
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Basic income (loss) per share for the period |
$ |
(0.01 |
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$ |
(0.01 |
) |
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$ |
0.05 |
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$ |
(0.04 |
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Weighted average shares outstanding - basic |
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133,788,741 |
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126,798,371 |
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132,667,757 |
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125,527,781 |
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Consolidated Statements of Financial Position |
September
30, |
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December 31 |
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2024 |
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2023 |
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Cash and cash equivalents |
$ |
544,377 |
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$ |
749,248 |
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Other current assets |
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1,668,057 |
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502,164 |
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Assets held-for-sale - current |
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- |
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2,471,694 |
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Non-current assets |
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1,692,938 |
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1,799,008 |
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Assets held-for-sale - non-current |
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- |
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158,805 |
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Total assets |
$ |
3,905,372 |
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$ |
5,680,919 |
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Current liabilities |
$ |
2,759,962 |
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$ |
10,273,267 |
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Liabilities held-for-sale - current |
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- |
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621,133 |
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Non-current liabilities |
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1,834,056 |
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2,366,593 |
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Liabilities held-for-sale - non-current |
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- |
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829,318 |
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Shareholders' deficit |
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(688,646 |
) |
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(8,409,392 |
) |
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Total liabilities and
shareholders' equity |
$ |
3,905,372 |
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$ |
5,680,919 |
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Kane Biotech (TSXV:KNE)
過去 株価チャート
から 10 2024 まで 11 2024
Kane Biotech (TSXV:KNE)
過去 株価チャート
から 11 2023 まで 11 2024
