05:22 PM EDT, 06/18/2025 (MT Newswires) -- Kane Biotech ( KNBIF ) after close of trade Wednesday said it ended a distribution agreement over "various material breaches."

According to a company statement, Kane has terminated its exclusive distribution agreement with ProgenaCare Global, dated April 18, 2023, due to "various material breaches" by ProgenaCare of the agreement".

Activities to re-secure distribution for its products in the United States are underway, states the company.

Kane also said it recently received a notice of default from Prairies Economic Development Canada, relating to the Contribution Agreement between Western Economic Diversification Canada, now PrairiesCan, and Kane dated August 6, 2019, in which PrairiesCan provided the company with repayable contributions of $2.49 million. Kane states that it has made all required repayments from April 1, 2023 to date, excepting that of the payment due June 1, 2025.

Kane has been in communication with PrairiesCan prior to the notice, and it has requested a restructuring of the timing of the remaining loan repayments "with the intention of repaying the outstanding balance in full."

Kane previously advised on April 28, 2025, that an unsecured demand loan of $1 million from an insider of the company was entered into and funds received. The lender has agreed to convert the loan to a five-year, unsecured convertible debenture in the principal amount of $1 million all of which is subject to the approval of the TSX Venture Exchange.

Kane shares closed unchanged at $0.055 on the TSX Venture Exchange.