04:52 PM EDT, 08/29/2024 (MT Newswires) -- Kane Biotech ( KNBIF ) on Thursday said it swung to a profit in the second quarter as it booked a gain from the sale of subsidiary.

The company, which develops anti-microbial films products, said it earned $9.18 million, or $0.07 per share, in the period, compared to a loss of $0.87 million, or $0.01, in the year-prior quarter. The results included a one-time gain of $10.4 million on the sale of its STEM unit.

Revenue rose to $0.62 million from $28,918.

"In the second quarter we completed the sale of STEM and paid off all of our interest-bearing debt which has significantly strengthened our balance sheet," said chief executive Marc Edwards. "We also signed two new distribution agreements, received our MDSAP Quality Certification, were advised from the USD FDA that its usage limitation on our revyve Antimicrobial Wound Gel product has been removed and received new funding from NRC IRAP for three of Kane's other products in development."

The company's shares closed up $0.01 to $0.155 on the TSX Venture Exchange.