 | ||
 |
 |
 |
 |
 |
 |
|
Press releases
KANE BIOTECH ANNOUNCES PRIVATE PLACEMENT OFFERING
WINNIPEG, Manitoba (February 12, 2008) - Kane Biotech Inc. (TSX-V: KNE), a biotechnology company engaged in the development of products that prevent and disperse microbial biofilms, today announces a non-brokered private placement offering (the “Offering”) of up to 4,000,000 units (“Units”) at a price of $0.25 per Unit for gross proceeds of up to $1,000,000. Each Unit will be comprised of one common share of the Company (a “Share”) and one half of one Share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder to purchase one Share at a price of $0.40 for a period of 18 months from the date the Warrant is issued.
Certain persons may assist the Company by introducing potential subscribers for the Offering and, subject to compliance with applicable legislation, will be entitled to receive a finder’s fee, payable in cash and share purchase warrants, as permitted by law.
The net proceeds of the Offering will be used for the Company’s research and development program and for working capital purposes.
The Offering is subject to receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
About Kane Biotech Inc.
Kane Biotech is a biotechnology company engaged in the development of products to prevent and disperse biofilms. Biofilms are a major cause of a number of serious medical problems including chronic infections and medical device related infections. They develop on surfaces such as catheters, prosthetic implants, teeth, lungs and the urogenital tract. Biofilms are pervasive, costly to deal with and approximately 80% of all human bacterial infections involve biofilms. The healing of chronic wounds alone costs the Unites States health care system $20 Billion per year.
Kane Biotech is currently developing two lead technology platforms:
- DispersinB™, a novel antibiofilm enzyme that inhibits as well as disperses microbial biofilms, with applications in wound care, medical devices, oral care and animal healthcare. Kane is currently developing a DispersinB™ based antibiofilm/antimicrobial wound gel for healing chronic wounds.
- PS/CHX, a broad-spectrum antimicrobial/antibiofilm composition comprising FDA-approved protamine sulfate and chlorhexidine, with applications in anti-infective medical device coatings, animal care and dairy and food processing industries. This technology has been licensed to Harland Medical Systems to develop antimicrobial urinary and venous access catheters.
For more information, please contact:
Justin Gagnon
Manager, Investor Relations
Kane Biotech Inc.
204-478-5602 phone
204-453-1314 fax
jgagnon@kanebiotech.com
www.kanebiotech.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Information
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable Canadian provincial securities legislation (collectively, “forward-looking statements”). These forward-looking statements relate to, among other things, our objectives, goals, targets, strategies, intentions, plans, beliefs, estimates and outlook, including, without limitation, our anticipated future operating results, and can, in some cases, be identified by the use of words such as “believe,” “anticipate,” “expect,” “intend,” “plan,” “will,” “may” and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements.
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. Important factors that could cause actual results to differ materially from these expectations include, among other things: Kane’s early stage of development, lack of product revenues and history of operating losses, uncertainties related to clinical trials and product development, rapid technological change, uncertainties related to forecasts, competition, potential product liability, additional financing requirements and access to capital, unproven markets, supply of raw materials, income tax matters, management of growth, partnerships for development and commercialization of technology, effects of insurers’ willingness to pay for products, system failures, dependence on key personnel, foreign currency risk, risks related to regulatory matters and risks related to intellectual property and other risks detailed from time to time in Kane’s filings with Canadian securities regulatory authorities, as well as Kane’s ability to anticipate and manage the risks associated with the foregoing. Kane cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on Kane’s forward-looking statements to make decisions with respect to Kane, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.
These risks and uncertainties should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Kane cannot provide assurance that actual results will be consistent with these forward-looking statements. Kane undertakes no obligation to update or revise any forward-looking statement.
