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Kane Biotech Announces Third Quarter 2022 Financial Results

WINNIPEG, Manitoba, Nov. 24, 2022 (GLOBE NEWSWIRE) — Kane Biotech Inc. (TSX- V:KNE; OTCQB:KNBIF) (the “Company” or “Kane Biotech”) today announced its third quarter 2022 financial results.

Financial Highlights:

Detailed financial information about Kane Biotech can be found in its September 30, 2022 Financial Statements and Management Discussion and Analysis on SEDAR and the Company’s website.

“Submitting our first 510(k) application for our coactiv+™ Antimicrobial Wound Gel is another major milestone for Kane. Our wound gel is a great combination of “best in class” efficacy and ease of use”, said Marc Edwards, Kane Biotech’s Chief Executive Officer. “There is a real need in both North American and international advanced wound care markets for a premium gel that is accessible to patients. coactiv+™ Antimicrobial Wound Gel is a thermo-reversible gel making it ideal for sensitive wounds. Essentially, when the gel is cooled below 16° C/60° F, it becomes completely liquid allowing it to be poured onto a sensitive wound, such as a burn, Once applied, the product will gel within seconds providing a thick clear coating. It can also be easily rinsed off with cold water. The preliminary response from potential partners and practitioners has been overwhelmingly positive.”

Recent Corporate Developments:

Conference Call

Kane Biotech is pleased to invite all interested parties to participate in a conference call on Thursday, November 24, 2022 at 4:30pm ET to review the financial results and discuss business developments in the period.

Participants must register for the call using this link: Pre-registration to Q3 to receive the dial-in numbers and unique PIN to access the call seamlessly. It is recommended that you join 10 minutes before the event, though you may pre-register at any time. A webcast of the call will be available on the Company’s website at under “News/Events” in the Investors section of the Kane Biotech website at

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 (80 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. StrixNB™, DispersinB®, Aledex™, bluestem™, bluestem®, silkstem™, goldstem™, coactiv+™, coactiv+®, DermaKB™ and DermaKB Biofilm™ 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:

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 Information

This 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 The Company cautions that the foregoing list of factors that may affect future results is not exhaustive.

KANE BIOTECH INC.                
Selected Financial Results                
Statement of Comprehensive Loss Three months ended September 30,   Nine months ended September 30,  
      2022       2021       2022       2021    
Total Revenue $ 571,686     $ 541,302     $ 1,976,698     $ 1,196,082    
Gross Profit   269,740       131,665       1,092,576       381,126    
Operating expenses                
  General and administration   1,020,825       1,405,664       3,040,950       3,124,022    
  Research   100,512       315,641       861,790       837,291    
        Total operating expenses   1,121,337       1,721,305       3,902,740       3,961,313    
Loss from operations $ (851,597 )   $ (1,589,640 )   $ (2,810,164 )   $ (3,580,187 )  
Loss and comprehensive loss for the period $ (1,039,091 )   $ (1,582,959 )   $ (2,985,850 )   $ 3,592,739    
Loss and comprehensive loss for the period                
        attibutable to shareholders $ (1,011,420 )   $ (1,522,796 )   $ (3,020,003 )   $ (3,335,748 )  
Basic and diluted loss per share for the period  $ (0.01 )   $ (0.01 )   $ (0.03 )   $ (0.03 )  
Weighted average shares outstanding – basic                
            and diluted   121,730,202       114,813,535       117,789,298       111,857,331    
Statement of Financial Position September 30,   December 31          
      2022       2021            
Cash and cash equivalents $ 1,256,045     $ 1,153,090            
Other current assets   2,146,635       1,727,320            
Non-current assets   3,192,242       3,253,883            
Total Assets $ 6,594,922     $ 6,134,293            
Current liabilities $ 6,632,871     $ 4,721,009            
Non-current liabilities   3,290,507       2,980,298            
Shareholders’ deficit   (3,328,456 )     (1,567,014 )          
Total liabilities and shareholders’ equity $ 6,594,922     $ 6,134,293            

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