Kane Biotech Posts Q1 2017 Financials

Kane Biotech (TSXV:KNE) released their financial results for the first quarter of 2017.

As quoted in the press release:

Highlights:

  • Total Revenue during the quarter ended March 31, 2017 was $784,900, an increase of 952% compared to $74,619 for the quarter ended December 31, 2016 and an increase of 630% compared to $107,505 for the quarter ended March 31, 2016;
  • License & Royalty Revenue was $670,725 during the quarter ended March 31, 2017 compared to $0 for the quarter ended December 31, 2016 and $70,488 (License Option) for the quarter ended March 31, 2016;
  • Product Revenue was $114,175 during the quarter ended March 31, 2017, an increase of 53% compared to $74,619 for the quarter ended December 31, 2016 and an increase of 208% compared to $37,017 for the quarter ended March 31, 2016;
  • Gross Profit % of StrixNB and bluestem product sales were 68% during the quarter ended March 31, 2017, an increase of 58% compared to 43% for the quarter ended December 31, 2016 and an increase of 45% compared to 47% for the quarter ended March 31, 2016;
  • Loss for the quarter ended March 31, 2017 was $237,692 a reduction of 52% compared to $500,576 for the quarter ended December 31, 2016 and a reduction of 79% compared to $581,358 for the quarter ended March 31, 2016;

Click here to read the full press release.

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