WINNIPEG, Manitoba (February 05, 2009) - Kane Biotech Inc. (TSX-V:KNE), a biotechnology company engaged in the development of products that prevent and disperse microbial biofilms, is pleased to announce that the National Research Council Industrial Research Assistance Program (NRC-IRAP) has increased its contribution to Kane Biotech by $150,000 bringing the total amount to $555,000. The additional contribution will be applied to the development of the Company’s novel antibiofilm topical wound gel containing its patented DispersinB® technology. DispersinB® wound gel is being developed to treat chronic wound infections.
“We are very pleased with the continued support from NRC-IRAP for the development of DispersinB®,” stated Gord Froehlich, President and CEO of Kane Biotech. “We believe this is transformative technology for chronic wound infections, which are a serious and debilitating complication of vascular disease, diabetes and prolonged immobility, and that our technology can fill a huge unmet clinical need that costs the U.S. healthcare system $20 billion per year.”
NRC-IRAP provides a range of both technical and business oriented advisory services along with potential financial support to growth-oriented Canadian small and medium-sized enterprises. Working directly with these clients, NRC-IRAP supports innovative research and development and commercialization of new products and services.
Biofilms are a major cause of a number of serious medical problems in humans and animals including chronic and medical device related infections. They develop on surfaces such as catheters and prosthetic implants, inner ears, teeth, gums, lungs and the urogenital tract. Biofilms are pervasive and costly to the healthcare industry; approximately 80% of all human bacterial infections involve biofilms.
About Kane Biotech Inc.
Kane Biotech is a biotechnology company engaged in the development of products to prevent and disperse biofilms. Biofilms develop when bacteria, and other microorganisms, form a protective matrix that acts as a shield against attack. When in a biofilm, bacteria become highly resistant to antibiotics, biocides, disinfectants, high temperatures and host immune responses. This resiliency contributes to human health problems such as recurrent urinary tract infections, medical device associated infections and tooth decay.
Kane Biotech uses a patent protected technology based on molecular mechanisms of biofilm formation and methods for finding compounds that inhibit or disrupt biofilms. The Company has evidence that this technology has potential to significantly improve the ability to prevent and/or destroy biofilms in several medical and industrial applications.
For more information, please contact:
Gord Froehlich
President & Chief Executive Officer
Kane Biotech Inc.
204-477-7592 phone
204-453-1314 fax
ir@kanebiotech.com
www.kanebiotech.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Information
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable Canadian provincial securities legislation (collectively, “forward-looking statements”). These forward-looking statements relate to, among other things, our objectives, goals, targets, strategies, intentions, plans, beliefs, estimates and outlook, including, without limitation, our anticipated future operating results, and can, in some cases, be identified by the use of words such as “believe,” “anticipate,” “expect,” “intend,” “plan,” “will,” “may” and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements.
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. Important factors that could cause actual results to differ materially from these expectations include, among other things: Kane’s early stage of development, lack of product revenues and history of operating losses, uncertainties related to clinical trials and product development, rapid technological change, uncertainties related to forecasts, competition, potential product liability, additional financing requirements and access to capital, unproven markets, supply of raw materials, income tax matters, management of growth, partnerships for development and commercialization of technology, effects of insurers’ willingness to pay for products, system failures, dependence on key personnel, foreign currency risk, risks related to regulatory matters and risks related to intellectual property and other risks detailed from time to time in Kane’s filings with Canadian securities regulatory authorities, as well as Kane’s ability to anticipate and manage the risks associated with the foregoing. Kane cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on Kane’s forward-looking statements to make decisions with respect to Kane, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.
These risks and uncertainties should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Kane cannot provide assurance that actual results will be consistent with these forward-looking statements. Kane undertakes no obligation to update or revise any forward-looking statement.