04:51 PM EDT, 05/23/2024 (MT Newswires) -- Kane Biotech ( KNBIF ) Thursday said its first-quarter loss widened even as revenue rose by 39%..

The company, which makes products to prevent and remove microbial biofilms, said it lost $1.4 million, or $0.01 per share, in the quarter, compared with a loss of $1.2 million, or $0.01, in the year-prior quarter.

Revenue from continuing operations rose to $0.94 million from $0.68 million.

The company last month agreed to sell its STEM Animal Health unit to an unnamed pharmaceutical company for US$8 million. It said it is likely to report a gain of about $10 million in its second-quarter results.

"So far in 2024 we have completed the sale of STEM, paid off all of our interest-bearing debt, strengthened our Board with the addition of Dr. Robert Huizinga as Executive Chair and filed a patent on our revyve Antimicrobial Would Gel Spray, a follow-on product to our FDA 510(k) cleared revyve Antimicrobial Wound Gel. The manufacturing scale-up of our revyveTM Antimicrobial Wound Gel continues to progress well and we anticipate having product available for our US distribution partner ProgenaCare later this quarter," chief executive Marc Edwards said in a release.

Kane shares closed up $0.005 to $0.15 on the TSX Venture Exchange.