02:26 PM EST, 11/12/2024 (MT Newswires) -- Kane Biotech ( KNBIF ) , up 18% on last look, entered into a term sheet to acquire Italian company FB Dermatology for a total of $200,000 in cash, six-million shares and six-million warrants.

Along with initial costs, Kane will make additional payments of $2.3 million in cash or shares over three years.

FB Dermatology has operations in Italy and Australia with product sales throughout Europe, Australia and New Zealand.

"This transaction is a powerful catalyst for Kane Biotech's ( KNBIF ) growth," said chief executive Marc Edwards. "FB Dermatology's Fluorescent Light Energy Technology or FLETECH offers a proven, patented, and fully commercialized portfolio with impactful applications in wound care and dermatology."

The transaction is expected to close by Jan. 31.

The company's shares were last seen up $0.02 to $0.13 on the TSX Venture Exchange.

Price: 0.13, Change: +0.02, Percent Change: +18.18