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BioStem Technologies Signs Letter of Intent to Acquire Exclusive US Distribution Rights for revyve™ from ProgenaCare Global

WINNIPEG, Manitoba, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX- V:KNE; OTCQB:KNBIF) (the “Company”, “Kane Biotech” or “Kane”) announces today that BioStem Technologies Inc. (“BioStem”), has recently signed a Letter of Intent to acquire commercial stage products and development technologies from the Company’s current U.S. distributor, ProgenaCare Global LLC (“ProgenaCare”), including exclusive US distribution rights for Kane’s revyve^TM Antimicrobial Wound Gel.

BioStem made the announcement on November 20, 2024. The company indicated that the acquisition of revyve^TM Antimicrobial Wound Gel reflects BioStem’s continued commitment to building a diverse portfolio of complementary wound care products that enable BioStem to leverage its commercial infrastructure.

“With revyve^TM, we could address wounds early in the treatment continuum, greatly broadening the patient population BioStem supports and offering multiple opportunities for channel expansion,” stated Jason Matuszewski, CEO of BioStem in BioStem’s press release. The ProgenaCare acquisition “represents a significant opportunity for us as part of our portfolio expansion initiatives. The products align perfectly with our goal to provide wound-care solutions across the entire continuum of care.”

“This is a great opportunity to significantly expand market penetration of the revyve^TM product line in the U.S. given BioStem’s impressive track of growth within the wound care sector,” said Marc Edwards, President & CEO. “We are excited to work with the BioStem team to significantly and quickly ramp up sales of the revyve^TM product line in the US while in the interim we complete commercial-scale manufacturing of both the revyve^TM Antimicrobial Wound Gel and revyve^TM Antimicrobial Wound Gel Spray.”

BioStem expects to finalize definitive agreements within 60 days following customary due diligence. The transaction is subject to regulatory approvals and Board consent. BioStem and ProgenaCare will work together to integrate revyve^TM into BioStem’s portfolio.

About BioStem Technologies

BioStem Technologies is a leading innovator focused on harnessing the natural properties of perinatal tissue in the development, manufacture, and commercialization of allografts for regenerative therapies. The Company is focused on manufacturing products that change lives, leveraging its proprietary BioREtain^® processing method. BioREtain^® has been developed by applying the latest research in regenerative medicine, focused on maintaining growth factors and preserving tissue structure. BioStem Technologies’ quality management system and standard operating procedures have been reviewed and accredited by the American Association of Tissue Banks (“AATB”). These systems and procedures are established per current Good Tissue Practices (“cGTP”) and current Good Manufacturing Processes (“cGMP”). Our portfolio of quality brands includes AmnioWrap 2™, VENDAJE^®, VENDAJE AC^®, and VENDAJE OPTIC^®. Each BioStem Technologies placental allograft is processed at the Company’s FDA registered and AATB accredited site in Pompano Beach, Florida.