Kane Biotech Inc. has entered into a one year credit agreement with Pivot Financial Inc. (“Pivot”) for a non-revolving term loan in the aggregate amount of $1,480,000.00 (the “Credit Facility”).

In connection with the Credit Facility, Kane Biotech has entered into a general security agreement in favour of Pivot on terms and conditions customary in such transactions. The Credit Facility shall be used by Kane Biotech for: (i) funding research and development relating to eligible government reimbursable expenditures; (ii) expenses related to STEM Animal Health Inc; and (iii) general working capital purposes.

“This non-dilutive credit facility has been secured at an opportune time for Kane Biotech as it enters manufacturing, animal study and human study phases of its DispersinB® wound care program in the coming months. These phases of work will require significant cash outlays prior to funding being subsequently received from existing Western Economic Diversification Canada Business Scale-Up and Productivity and U.S. Department of Defense Medical Technology Enterprise Consortium Research Project Award funding programs,” stated Ray Dupuis, Chief Financial Officer of Kane Biotech.

Dan Flaro, President of Pivot added, “We’re pleased to welcome Kane to our family of clients and look forward to working with the management team as they continue to commercialize their impressive “made in Canada” portfolio of intellectual property.”