Kane Biotech entered into an amended and restated credit agreement with Pivot Financial, increasing the credit facility to $2.5 million from $1.48 million. Kane Biotech will continue to use the amended credit facility to fund research and development relating to eligible government reimbursable expenditures, expenses related to STEM Animal Health and general working capital purposes.
“This new facility provides Kane Biotech with the access to additional working capital that it requires while discussions continue to advance on various partnership opportunities. I’d like to thank Pivot for their ongoing support of and confidence in the company and its growth prospects,” Ray Dupuis, CFO of Kane Biotech, said.
“We’re pleased to renew and increase our non-dilutive financing commitment to Kane with improved terms to help it further advance the targeted commercialization of its portfolio of intellectual property,” Dan Flaro, president of Pivot Financial, said.
Kane Biotech is a biotechnology company engaged in the research, development and commercialization of technologies and products that prevent and remove microbial biofilms.
