WINNIPEG, Manitoba, Nov. 14, 2017 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX-V:KNE) (the “Corporation” or “Kane Biotech”) is pleased to announce its Q3 2017 Financial Results.
Highlights:
Total Revenues:
License, Royalty & Option Revenues:
Product Revenues:
Gross Profit % (of Product Sales):
Total Operating Expenses:
Loss:
Kane Biotech Inc. | YTD 2017 | Q3 2017 | |||||||||||||||||||
TSX-V:KNE | YTD 2017 | YTD 2016 | vs YTD 2016 | Q3 2017 | Q3 2016 | vs Q3 2016 | |||||||||||||||
Total Revenues | $ | 951,634 | $ | 305,271 | +212 | % | $ | 60,727 | $ | 59,278 | +2 | % | |||||||||
License, Royalty & Option Revenues | $ | 678,560 | $ | 135,134 | +402 | % | $ | 4,480 | $ | 0 | - | ||||||||||
Product Revenues * | $ | 273,074 | $ | 170,137 | +61 | % | $ | 56,247 | $ | 59,278 | -5 | % | |||||||||
Gross Profit $ (Product) | $ | 188,214 | $ | 88,328 | +113 | % | $ | 41,705 | $ | 27,961 | +49 | % | |||||||||
Gross Profit % (Product) | 69 | % | 52 | % | +33 | % | 74 | % | 47 | % | +57 | % | |||||||||
Total Operating Expenses | $ | 2,673,293 | $ | 2,181,611 | +23 | % | $ | 910,168 | 625,486 | +46 | % | ||||||||||
Loss | ($1,897,489 | ) | ($2,048,690 | ) | -7 | % | ($869,246 | ) | ($616,063 | ) | +41 | % | |||||||||
Loss per Share (post consolidation) | ($0.03 | ) | ($0.06 | ) | -41 | % | ($0.01 | ) | ($0.01 | ) | -13 | % | |||||||||
* Product Revenues in Q3 2017 no longer includes StrixNB as this technology was licensed to Dechra for the N.A. veterinary channel. | |||||||||||||||||||||
Sales of bluestem increased 36% on the quarter and 49% year to date. |
All amounts referenced herein are in Canadian dollars.
In addition, the Corporation announces that Arvind Joshi has resigned as a director of the Company effective November 30, 2017. The board of directors wishes to thank Arvind for all of his hard work on behalf of the Company and wishes him all the best in the future.
The Corporation also announces 700,000 options have been issued to employees of Kane Biotech.
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 Corporation has a portfolio of biotechnologies, intellectual property (74 patents and patents pending, trade secrets and trademarks) and products developed by the Corporation’s own biofilm research expertise and acquired from leading research institutions. StrixNB™, DispersinB®, Aledex®, bluestem™, AloSera™, coactiv+™ and Kane® are trademarks of Kane Biotech Inc. The Corporation is listed on the TSX Venture Exchange under the symbol "KNE".
For more information, please visit www.kanebiotech.com or contact:
Mark Ahrens-Townsend
President & CEO
Kane Biotech Inc.
204-477-7592
ir@kanebiotech.com
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.