WINNIPEG, Manitoba, April 07, 2022 (GLOBE NEWSWIRE) — Kane Biotech Inc. (TSX-V: KNE; OTCQB: KNBIF) (the “Company” or “Kane Biotech”), is pleased to announce today that STEM Animal Health Inc. (“STEM”) has received the prestigious Veterinary Oral Health Council (VOHC) Seal of Acceptance in the Helps Control Tartar category for its Pet Oral Care Water Additive.
Acceptance of VOHC triggers approximately $1.3 million in milestone payments from STEM licensing partners. This certification is also expected to significantly increase royalty income from both license agreements as it triggers minimum royalty payments.
STEM pet oral care products developed using Kane’s coactiv+™ technology, inhibit tartar formation and kill bacteria embedded in pre-formed dental plaque.
“The acceptance of VOHC should be a major catalyst for the growth of STEM. The global pet oral care market is worth billions of dollars1 underdeveloped market and with VOHC’s acceptance of our water additive, we look forward to continuing to work with our licensing partners to help improve the quality of oral care for our pets and accelerate growth of STEM,” said Kevin Cole, President and CEO. STEM animal health.
According to the American Veterinary Medical Association (AVMA), approximately 70% of cats and 80% of dogs develop some degree or form of periodontal disease by age 3. Additionally, tartar, gingivitis, gum disease, and broken teeth are common oral problems in pets. The American Pet Products Association (APPA) reports that the pet industry’s average total spending in the United States was $90.5 billion in 2018, rising to $99 billion in 2020.
VOHC is recognized worldwide as a professional organization that evaluates products that meet predefined standards for the retardation of plaque and tartar (tartar) in dogs and cats. Products receive the VOHC Seal of Acceptance following rigorous review of test data conducted under VOHC protocols. This seal authorizes the use of the VOHC registered seal on products intended to help retard plaque and tartar on animal teeth. STEM joins a select group of companies that have already achieved VOHC acceptance for pet dental products since the VOHC was established in 1997.
About STEM animal health
In September 2020, Kane formed STEM as a joint venture with Animalcare Group plc (“Animalcare”). STEM is dedicated to treating biofilm-related conditions in animals. STEM holds a worldwide license to Kane’s existing line of animal health oral care products and, in collaboration with Animalcare, is focused on researching and developing new treatments for animals based on biofilm targeting technology. . Animalcare owns a one-third plus one share stake in STEM, with the balance held by Kane.
About Kane Biotech
Kane Biotech is a biotechnology company engaged in the research, development and commercialization of technologies and products that prevent and eliminate microbial biofilms. The Company has a portfolio of biotechnology, intellectual property (81 patents and pending patents, trade secrets and trademarks) and products developed by its own expertise in biofilm research and acquired from leading research institutions . StrixNB™, DispersinB®Aledex™, bluestem™, bluestem®silkstem™, goldstem™, coactiv+™, coactiv+®, DermaKB™ and DermaKB Biofilm™ are trademarks of Kane Biotech Inc. The Company is listed on the TSX Venture Exchange under the symbol “KNE” and on the OTCQB Venture Market under the symbol “KNBIF”.
- MarketWatch. (2022, January 27). Pet Oral Care Products Market Size Grows 6.6% CAGR to reach USD 24.5 Billion by 2027. MarketWatch. Pet Oral Care Products Market Size Grows 6.6% CAGR to USD 24.5 Billion by 2027 – MarketWatch
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Caution Regarding Forward-Looking Information
This press release contains certain statements about Kane Biotech Inc. that constitute forward-looking information under applicable securities laws. These statements reflect management’s current beliefs and are based on information currently available to management. Certain important factors or assumptions are applied to make forward-looking statements, and actual results may differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, risks relating to: (a) the financial condition of the Company, including the absence of significant revenues to date and the dependence on shareholders’ equity and other funding; (b) the business, including its early stage of development, government regulation, market acceptance of its products, rapid technological change and dependence on key personnel; (c) intellectual property, including the Company’s ability to protect its intellectual property and its dependence on its strategic partners; and (d) the capital structure, including the absence of dividends on its common stock, the volatility of the market price of its common stock and the costs of the public company. Further information on these and other risks and uncertainties may be found in the disclosure documents filed by the Company with the relevant securities authorities, available at www.sedar.com. The Company cautions that the foregoing list of factors that could affect future results is not exhaustive.