Kane Biotech further amended its credit agreement with Pivot Financial.
The amendment dated extended the maturity to Jan. 31, 2023, and increased the credit facility to $4 million, with approximately $1.8 million of new capital having been provided. The increased credit facility will continue to be used by Kane Biotech for funding research and development relating to eligible government reimbursable expenditures and general working capital purposes.
“Pivot continues to support Kane’s product development and commercialization efforts with access to additional working capital as discussions with potential wound care partners and other opportunities continue to advance,” Marc Edwards, CEO of Kane Biotech, said.
“We’re pleased to further increase our non-dilutive financing commitment to Kane as it continues to demonstrate impressive commercialization progress across its animal health, wound care and dermatology business units,” Dan Flaro, president of Pivot, said.