Kane Biotech Provides Further Corporate Update

Core Viewpoint - Kane Biotech Inc. is undergoing a reorganization phase, which includes terminating its distribution agreement with ProgenaCare and addressing financial obligations with PrairiesCan while advancing its clinical plans for product introduction in the U.S. market [1][2][6]. Group 1: Distribution and Financial Agreements - The company has terminated its exclusive distribution agreement with ProgenaCare due to material breaches [1]. - Kane Biotech received a notice of default from PrairiesCan regarding a Contribution Agreement, which involved repayable contributions totaling $2,491,266, with repayments starting on April 1, 2023 [2]. - The company has made all required repayments except for the payment due on June 1, 2025, and is in communication with PrairiesCan to restructure the remaining loan repayments [2][3]. Group 2: Financing and Related Transactions - An insider provided an unsecured demand loan of $1 million, which will be converted into a five-year, unsecured convertible debenture, subject to TSX Venture Exchange approval [4]. - The debenture will accrue interest at 3% per annum and is convertible into common shares at a price of $0.10 per share [4]. - The conversion of the loan to the debenture is classified as a related party transaction, exempting the company from formal valuation and minority approval requirements [5]. Group 3: Clinical Development - The company is executing its clinical plan for the commercial introduction of its revyve Antimicrobial Wound Gel and Spray in the U.S. market [6]. - Clinical case series are being conducted with medical professionals in chronic wound care and burn care, with data expected to be presented in late 2025 and 2026 [6]. Group 4: Company Overview - Kane Biotech is focused on developing novel wound care treatments that target biofilms, which contribute to antibiotic resistance and adverse clinical outcomes [8].