AllPennyStocks.com Dual Listed Biotech Firm Achieves Sale of Animal Health Interest, ...

Dual Listed Biotech Firm Achieves Sale of Animal Health Interest, Sending Shares Higher

Dual Listed Biotech Firm Achieves Sale of Animal Health Interest, Sending Shares Higher By: Tomas Ronolski - AllPennyStocks.com News

Monday, April 15, 2024

Shares of this firm hit a 12-month high last week and are seeing action this morning after they announced the completion of the sale of its interest in an animal health unit for USD$8,000,000. Kane Biotech Inc. is a biotechnology company engaged in researching, developing, and commercializing technologies and products that prevent and remove microbial biofilms. The firm has a portfolio of biotechnologies, intellectual property (67 patents and patents pending, trade secrets and trademarks) and products developed by Kane's biofilm research expertise and acquired from leading research institutions.

Kane Biotech Inc. (TSX- V: KNE) (OTCQB: KNBIF) announced in a press release today that it completed the sale of its interest in STEM Animal Health Inc. to Dechra Veterinary Products, Inc. for USD8,000,000, plus net cash held in STEM (estimated at CND $600,000) and a working capital adjustment (estimated at CND $350,000. The sale of STEM is estimated to net Kane  CND 11,500,000. Dated April 12, 2024, the Transaction was completed by way of a share purchase agreement between Kane, STEM, Ecuphar NV and Dechra.

Additionally, Kane entered into a product development agreement and a transitional manufacturing agreement with STEM. If STEM meets certain sales targets, the firm is eligible for a US $750,000 sales-based milestone payment.

Marc Edwards, Kane's President and CEO, had this to say, “This transaction, which should ultimately net Kane more than $13 million CND, is an important step in Kane becoming a market leader in the growing high-value wound care and dermatological market.”

Canadian shares were trading up 12 percent in morning trade.


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