WINNIPEG, Manitoba, Feb. 04, 2019 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX-V: KNE ), (the “Corporation” or “Kane Biotech”), is pleased to announce that the U.S. District Court of Eastern Missouri that is overseeing the lawsuit filed by Kane Biotech against Nestec, Ltd., aka Nestec, S.A., Nestle Purina Petcare Global Resources, Inc. (“Nestle”) has ruled against Nestle’s motion to dismiss on all six counts of the sealed complaint, paving the way for the ultimate trial of the case on the merits.
“Nestle had filed a motion to dismiss which is standard practice; We fully expected the case to proceed and we will now move into the discovery phase. We anxiously look forward to this opportunity as this is where we will be able to concretely discover the actions of Nestle which we believe were inappropriate, caused damage to Kane and are compensable,” explained Marc Edwards, Chief Executive Officer of Kane Biotech.
Glen Waldman of Waldman Barnett, P.L. the legal firm retained by Kane added “All six (6) of our counts have survived which means that the court accepted all of our allegations and counts as viable at this point and provides us with a path to pursue Nestle on all of our very significant claims. We believe our claims are strong and have confidence in the ultimate outcome.”
Nestle now has to answer Kane’s complaint, which is due in February.
About Kane Biotech Kane Biotech is a biotechnology company engaged in the research, development and commercialization of technologies and products that prevent and remove microbial biofilms.
The Corporation has a portfolio of biotechnologies, intellectual property (75 patents and patents pending, trade secrets and trademarks) and products developed by the Corporation’s own biofilm research expertise and acquired from leading research institutions. StrixNB™, DispersinB®, Aledex®, bluestem™, AloSera™, coactiv+™ and Kane® are trademarks of Kane Biotech Inc. The Corporation is listed on the TSX Venture Exchange under the symbol "KNE" and on the OTCQB Venture Market under the symbol “KNBIF”.
For more information, please visit www.kanebiotech.com or contact: Marc Edwards Chief Executive Officer Kane Biotech Inc. +1 (514) 910-6991 medwards@kanebiotech.com
Ray Dupuis Chief Financial Officer Kane Biotech Inc. +1 (204) 298-2200 rdupuis@kanebiotech.com
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Caution Regarding Forward-Looking Information This press release contains certain statements regarding Kane Biotech Inc. that constitute forward-looking information under applicable securities law. These statements reflect management’s current beliefs and are based on information currently available to management. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. These risks and uncertainties include, but are not limited to, risks relating to the Company’s: (a) financial condition, including lack of significant revenues to date and reliance on equity and other financing; (b) business, including its early stage of development, government regulation, market acceptance for its products, rapid technological change and dependence on key personnel; (c) intellectual property including the ability of the Company to protect its intellectual property and dependence on its strategic partners; and (d) capital structure, including its lack of dividends on its common shares, volatility of the market price of its common shares and public company costs. Further information about these and other risks and uncertainties can be found in the disclosure documents filed by the Company with applicable securities regulatory authorities, available at www.sedar.com . The Company cautions that the foregoing list of factors that may affect future results is not exhaustive.
These risks and uncertainties should be considered carefully undue reliance should not be placed on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot provide assurance that actual results will be consistent with these forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement.
