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WINNIPEG, Manitoba, May 06, 2022 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX-V:KNE; OTCQB:KNBIF) (“Kane Biotech,” or the “Company”), announced that its private placement of up to 10,000,000 common shares (“Shares”) at a price of $0.10 per Share for aggregate gross proceeds of up to $1,000,000, as previously announced on March 15, 2022 (the “Private Placement”), has been fully subscribed and is anticipated to close on May 16, 2022.
Certain insiders of the Company are participating in the private placement, including Marc Edwards, the CEO of the Company. Mr. Edwards has agreed to purchase 3,100,000 Shares at a price of $0.10 per share for a total purchase price of $310,000.
“I am excited to personally participate in this Private Placement as I saw it as an opportunity to grow my position in Kane Biotech. We are consistently achieving significant milestones and expect this trend to continue going forward,” stated Mr. Edwards. "This raise follows an exceptional period for Kane Biotech. For example, the results of our US Department of Defense funded preclinical trials of our DispersinB®wound gel were very compelling and our clinical studies are scheduled to start later this year. In our animal health pillar, STEM Animal Health was recently awarded the Veterinary Oral Health Council (VOHC) Seal of Acceptance for its pet oral care water additive for tartar control triggering milestone payments and minimum royalties from our licensing partners.”
The $1 million funding will be used primarily for product development and general working capital.