WINNIPEG, Manitoba, March 25, 2019 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX-V:KNE), (the “Corporation” or “Kane Biotech”), a biotechnology company engaged in the research, development and commercialization of technologies and products that prevent and remove microbial biofilms, today announces its Fourth Quarter and Full Year 2018 Financial Results.

Key Highlights of Kane Biotech include the following:

“We are excited to end 2018 with the largest single purchase order in the history of the company which was fulfilled in January 2019 and begin 2019 by formalizing our first agreement with a Chinese distributor,” stated Marc Edwards, Chief Executive Officer of Kane Biotech. “In addition, our online sales of bluestem™ have grown at record pace, primarily driven by our strong distribution partnership with Amazon. We look forward to building on this momentum in the coming year and capitalizing on further sales growth with our differentiated product line.”

2018 Financial Highlights:

Total Revenues:

License and Royalty Revenues:

Product and Services Revenues:

Gross Profit:

Total Operating Expenses:

Loss:

 Select Income Statement Information:        
          
 Kane Biotech Inc. (TSX:V:KNE)Q4 2018Q4 2017% Change 2018  2017 % Change  
 Total Revenue$157,158 $100,437 56% $506,273 $420,471 20%   
 License and Royalty Revenue 1$29,124 $26,439 10% $111,333 $73,400 52%   
 Product and Services Revenue 2$128,034 $73,998 73% $394,940 $347,071 14%   
 Gross Profit $ 3$70,768 ($28,723)   -   $115,471 ($63,279)   -     
 Total Operating Expenses$783,550 $842,949 -7% $3,294,303 $3,246,511 1%   
 General and Administration 3$403,945 $544,466 -26% $2,371,777 $2,395,933 -1%   
 Research$379,605 $298,483 27% $922,526 $850,578 8%   
 Loss for the Period($622,497) ($871,918) -29% ($3,260,999) ($3,401,006) -4%   
 Loss per Share (Post Consolidation)($0.008) ($0.011) -29% ($0.041) ($0.055) -27%   
 1 In accordance with the adoption of IFRS 15 Revenue from Contracts with Customers which went in to effect January 1, 2018, the  
 upfront payment of $500,000 USD received from Dechra upon signing the License Agreement in March 2017 has been restated as  
 deferred license revenue on the Statement of Financial Position retroactive to March 2017 and is now being recognized over the  
 10-year life of the agreement.        
 2 Product and Services Revenue in Q1 - Q3, 2018 included only a small amount of international StrixNB sales as this technology was  
 licensed to Dechra for the North American veterinary channel in Q1 2017.     
 3 Certain expenses previously recorded as general and administrative expenses in 2017 and 2018 have been reclassified as cost of sales.  
          
          
          
 Selected Cash Flow Information        
          
 Kane Biotech Inc. (TSX:V:KNE)Q4 2018Q4 2017% Change 2018  2017 % Change  
 Cash, end of period$75,425 $1,975,723 -96% $75,425 $1,975,723 -96%   
 Cash, beginning of period$121,529 $2,527,306 -95% $1,975,723 $739,568 167%   
 Operating activities($603,845) ($420,790) 44% ($2,853,997) ($2,015,756) 42%   
 Financing activities$600,000  ($64,485)   -   $1,100,000  $3,481,547  -68%   
 Investing activities($42,259) ($66,308) -36% ($146,301) ($229,636) -36%   
          

Detailed financial information about Kane Biotech can be found in its December 31, 2018 Financial Statements and Management Discussion and Analysis on SEDAR and on the Corporation’s website.  All amounts referenced herein are in Canadian dollars.

The Corporation’s Fourth Quarter 2018 Earnings Conference Call and Business Update is scheduled on Tuesday, March 26, 2019 at 4:00pm E.T. to discuss its financial results for the fourth quarter 2018, in conjunction with the filing of its Financial Statements for the fourth quarter ended December 30, 2018.

Marc Edwards, Chief Executive Officer and Ray Dupuis, Chief Financial Officer of Kane Biotech, will host the call and provide an update on the Company’s business strategy including product developments, licensing and business development and other initiatives in progress. There will be an opportunity for participants dialed-in via conference call to ask questions to management in a Q&A session taking place following his prepared remarks. To participate in the call, please dial 1-877-268-9044 (toll-free) in the U.S. and Canada. The conference ID number for both the call and webcast is 6958649.

Event:Kane Biotech Investor Update
Date:Tuesday, March 26, 2019
Time:4:00pm (Eastern Time)
Participant Dial-in:1-877-268-9044 (toll free)
Conference ID:6958649
Webcast Link:

A live and archived audio webcast of the conference call will also be available on the investor relations page of Kane Biotech’s corporate website at www.kanebiotech.com.

About Kane Biotech
Kane Biotech is a biotechnology company engaged in the research, development and commercialization of technologies and products that prevent and remove microbial biofilms. The Corporation has a portfolio of biotechnologies, intellectual property (66 patents and patents pending, trade secrets and trademarks) and products developed by the Corporation’s own biofilm research expertise and acquired from leading research institutions. StrixNB(TM), DispersinB(R), Aledex(R), bluestem(TM), AloSera(TM), coactiv+(TM) and Kane(R) are trademarks of Kane Biotech Inc. The Corporation is listed on the TSX Venture Exchange under the symbol "KNE".

For more information, please visit www.kanebiotech.com or contact: 
Marc Edwards 
Chief Executive Officer 
Kane Biotech Inc. 
+1 (514) 910-6991
  
Grant Humphrey 
Vice President, Sales and Business Development 
Kane Biotech Inc. 
+1 (204) 914-5089ghumphrey@kanebiotech.com
  
Joe Green 
US. Investor Relations 
Edison Inc. 
+1 (646) 653-7030

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Information
This press release contains certain statements regarding Kane Biotech Inc. that constitute forward-looking information under applicable securities law. 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. These risks and uncertainties include, but are not limited to, risks relating to the Company’s: (a) financial condition, including lack of significant revenues to date and reliance on equity and other financing; (b) business, including its early stage of development, government regulation, market acceptance for its products, rapid technological change and dependence on key personnel; (c) intellectual property including the ability of the Company to protect its intellectual property and dependence on its strategic partners; and (d) capital structure, including its lack of dividends on its common shares, volatility of the market price of its common shares and public company costs. Further information about these and other risks and uncertainties can be found in the disclosure documents filed by the Company with applicable securities regulatory authorities, available at www.sedar.com. The Company cautions that the foregoing list of factors that may affect future results is not exhaustive.