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Kane Biotech Announces Increase to Private Placement Offering
WINNIPEG, MANITOBA -- (MARKET WIRE) -- 05/26/2006 -- Kane Biotech
Inc. (TSX VENTURE: KNE) (the "Company"), a leading biofilm company,
today announces an increase in the size of its previously announced
private placement offering (the "Offering") of up to 2,181,818 units
("Units") at a price of $0.55 per Unit for gross proceeds of up to
$1,200,000. Due to strong demand for the Offering, the Company has
determined to increase the size of the Offering to 2,727,273 Units
at a price of $0.55 per Unit for gross proceeds of up to $1,500,000.
Each Unit will still be comprised of one common share of the Company
(a "Share") and one half of one Share purchase warrant
(a "Warrant"). Each whole Warrant will entitle the holder thereof to
purchase one Share at a price of $0.70 per Share for a period of 18
months from the date of issuance of the Warrant. All other terms of
the Offering remain the same.
The Offering is subject to receipt of all necessary approvals,
including the approval of the TSX Venture Exchange.
About Kane Biotech Inc.
Kane Biotech is a biotechnology company engaged in the development
of products to prevent and disperse bacterial biofilms. Biofilms
develop when bacteria, and other microorganisms, form a protective
matrix that acts as a shield against attack. When in a biofilm,
bacteria become highly resistant to antibiotics, high temperatures
and host immune responses. This resiliency contributes to human
health problems such as recurrent urinary tract infections, medical
device associated infections and tooth decay.
Certain information contained in this press release may be forward-
looking and is subject to risks and uncertainties. Although the
Company believes that the expectations contained herein are
reasonable, it can give no assurances such forward-looking
statements will prove correct. Information is provided from sources
deemed to be reliable.
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