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Kane Biotech Inc. a biotechnology company engaged in the research, development and commercialization of technologies and products that prevent and remove microbial biofilms, today announced its first quarter 2020 financial results.
Recent Corporate Highlights:
“This quarter, we completed the initial launch of our silkstemTM anti-itch pet shampoo, as well as received positive feedback from a consumer product test evaluating our anti-biofilm human shampoo, such that we are now planning to launch these products in the second and third quarters of this year, respectively,” said Marc Edwards, President and Chief Executive Officer of Kane Biotech. “In our Human Health business, we continue to evaluate a number of regulatory pathways for DispersinB®, with the goal of identifying a pathway that is most attractive for Kane Biotech, as well as for future potential partners.”
First Quarter 2020 Financial Highlights
Total revenues for the first quarter ended March 31, 2020 were $456,139, with $64,680 from license and royalty revenues and $391,459 from product and services revenues. Total revenues decreased 27% compared to $621,256 for the same period in 2019. The decrease in first quarter 2020 revenues is primarily due to a 31% decline in product and service revenues, as the Company delivered its largest purchase order for bluestemTM products in its history to a large North American pet retailer in the first quarter of 2019. This was partially offset by a $13,919, or 41% increase in royalty payments from Dechra Veterinary Products, as it continues to roll out its expanded VetradentTM product line to its North American veterinarian customer base.
Gross profit for the first quarter of 2020 was $179,416, a decrease of $31,432 compared to $210,848 for the quarter ended March 31, 2019. The decrease in gross profit is primarily related to lower product and services revenues.
Total operating expenses for the quarter ended March 31, 2020 were $1,624,152, an increase of 96% compared to $830,123 for the same period in 2019. The increase is primarily attributable to increases in staff and other compensation-related expenses, higher investor relations-related expenses and higher contract research costs related to the Company’s DispersinB® human wound care program.
Loss for the first quarter of 2020 was ($1,363,836), an increase of 107% compared to ($657,393) for the quarter ended March 31, 2019.
Detailed financial information about Kane Biotech can be found in its March 31, 2020 Financial Statements and Management Discussion and Analysis on SEDAR and on the Company’s website.
Conference Call Details
Kane Biotech is pleased to invite all interested parties to participate in a conference call today, May 21, 2020, at 4:30pm E.T. during which time the results will be discussed.
|Live Call:||1-877-268-9044 (Canada and the United States)|
A live and archived audio webcast of the conference call will also be available on the investor relations page of Kane Biotech’s corporate website at www.kanebiotech.com.
About Kane Biotech Inc.
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 (51 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™, silkstem™, coactiv+™ and Kane® are trademarks of Kane Biotech Inc. The Company is listed on the TSX Venture Exchange under the symbol “KNE.”
For more information, please visit www.kanebiotech.com, or contact:
Chief Executive Officer
Kane Biotech Inc.
+1 (514) 910-6991