News release - end of joint development with pharma firm and hiring of VP sales.
KANE BIOTECH ANNOUNCES END OF JOINT DEVELOPMENT AGREEMENT AND APPOINTMENT OF VICE-PRESIDENT SALES WINNIPEG, Manitoba – July 11, 2016 – Kane Biotech Inc. (TSX-V:KNE) (the “Corporation” or “Kane Biotech”) today announced that the global animal health company with which it had a Joint Development Agreement (the “JDA”), previously announced by Kane Biotech on May 13, 2015, has made a business decision to decline its option to commercialize Kane Biotech’s companion pet oral care technology. Pursuant to the terms of the JDA and the successful completion of its second milestone trial, Kane Biotech will be paid $50,000 USD which will be included in the Corporation’s second quarter financial statements.
“Kane Biotech remains committed to achieving market success with its companion pet oral care technology and products”, said Mark Ahrens-Townsend, President & CEO. “The results of the JDA validate yet again that our technology works. Sales of our product brands, bluestemTM and StrixNB™, are increasing in the Canadian and US markets. Second quarter product revenue grew significantly and on its own achieved approximately 70% of our total product revenue in 2015. Our team is working hard to market our brands to companion pet owners, expand our base of retail pet stores and vet clinics, and develop new products for the market. Kane Biotech will have a significant presence at SuperZoo 2016, the National Show for Pet Retailers in Las Vegas from August 2 to 4, and we are excited about the opportunities to expand our business with national and regional distributors, independent pet store retailers and major pet store chains.”
In addition, Kane Biotech is excited to announce Mr. Grant Humphrey is joining the Corporation as Vice-President Sales, effective July 11, 2016. “Grant is an entrepreneur who brings high energy and an excellent track record of sales performance and revenue growth. He expands our team and I’m very pleased to have him on board”, said Mark Ahrens-Townsend, President & CEO.