11:03 AM EST, 11/27/2024 (MT Newswires) -- Kane Biotech ( KNBIF ) on Wednesday said BioStem Technologies recently signed a Letter of Intent to acquire commercial stage products and development technologies from Kane's current U.S. distributor, ProgenaCare Global, including exclusive U.S. distribution rights for Kane's revyve Antimicrobial Wound Gel.

BioStem expects to finalize definitive agreements within 60 days following customary due diligence. The transaction is subject to regulatory approvals and Board consent. BioStem and ProgenaCare will work to integrate revyve into BioStem's portfolio.

"This is a great opportunity to significantly expand market penetration of the revyve product line in the U.S. given BioStem's impressive track of growth within the wound care sector," said Marc Edwards, President & CEO. "We are excited to work with the BioStem team to significantly and quickly ramp up sales of the revyve product line in the U.S. while in the interim we complete commercial-scale manufacturing of both the revyve Antimicrobial Wound Gel and revyve Antimicrobial Wound Gel Spray."

Kane shares were last seen unchanged at $0.115 on the TSX Venture Exchange.