- Kane Biotech (TSXV:KNE) has signed a non-binding offer to sell its interest in STEM Animal Health Inc.
- The transaction will allow the company to shift its focus to human health
- Kane Biotech will receive a deposit in the amount of US$625,000 to be applied towards the sale price of its interest in STEM
- Shares of Kane Biotech are up 6.67 per cent to C$0.08 as of 10:51 am ET
Kane Biotech (TSXV:KNE) has signed a non-binding letter offer to sell its interest in STEM Animal Health Inc.
According to the Winnipeg-based company, the transaction will allow Kane Biotech to shift its focus towards human health.
“We are pleased to receive an offer that reflects the full value we see in STEM,” Philip Renaud, chairman of the board of Kane Biotech, said in a statement. “This opportunity allows Kane to focus on human health, specifically wound care and dermatology solutions, two areas where biofilms significantly impact patient health.”
While the terms of the offer were not revealed, Kane Biotech will receive a deposit of US$625,000 to be applied towards the sale price of its interest in STEM. In collaboration with the buyer, the parties will enter a binding share purchase agreement within 90 days.
STEM Animal Health was formed in 2020 by Kane Biotech and Animalcare Group plc. STEM is focused on treating biofilm-related illnesses in animals.
Kane Biotech is a biotechnology company focused on research, development and commercialization of technologies and products that prevent and remove microbial biofilms.
Shares of Kane Biotech are up 6.67 per cent to C$0.08 as of 10:51 am ET.
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