Kane Biotech (TSE:KNE) has released an update.
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Kane Biotech has reported a robust first quarter in 2024 with a 39% increase in total revenue to $941,661 and a 63% surge in gross profit compared to the previous year. The company also successfully completed the sale of its STEM Animal Health Inc. division for over CND $11.5 million, which allowed it to pay off all its interest-bearing debt and plans to record a gain of approximately $10 million from this transaction. Despite these positive developments, the company saw an 8% increase in its quarterly loss to ($1,346,825), citing higher research expenditures and non-cash incentive expenses.
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