WINNIPEG, Manitoba, Nov. 28, 2024 (GLOBE NEWSWIRE) — 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 revyve™ 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 (EPA:) 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 revyve™ 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 (TASE:) Device. This approval allows the Company to immediately start promoting and selling this…
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