Mr. Marc Edwards reports

KANE BIOTECH ANNOUNCES AMENDMENT TO ITS CREDIT FACILITY

On Dec. 20, 2023, Kane Biotech Inc. and Pivot I Financial Limited Partnership entered into a definitive agreement to amend the terms of the company's amended and restated credit facility between Pivot and the company dated Aug. 31, 2021, as amended, by extending the maturity date of the credit facility from Nov. 30, 2023, to March 31, 2024. In addition, the parties agreed that, from Dec. 1, 2023, until maturity, interest accrued on each advance under the credit facility thereafter shall be payable monthly in arrears rather than being added to the principal amount of the credit facility and repaid at maturity.

"I would like to thank Pivot for their ongoing support of Kane," said Ray Dupuis, chief financial officer. "The extension of the credit facility maturity date will allow us to work toward closing on a binding share purchase agreement with respect to the offer it has received for its interest in Stem Animal Health, which the company announced on Dec. 20, 2023." The amendment to the credit facility remains subject to the final approval of the TSX Venture Exchange.

About Kane Biotech Inc.

Kane Biotech is a biotechnology company engaged in the research, development and commercialization of technologies and products that prevent and remove microbial biofilms. The company has a portfolio of biotechnologies, intellectual property (80 patents and patents pending, trade secrets, and trademarks) and products developed by the company's own biofilm research expertise and acquired from leading research institutions. StrixNB, DispersinB, Aledex, bluestem, bluestem, silkstem, goldstem, coactiv+, coactiv+, DermaKB, DermaKB Biofilm and revyve are trademarks of Kane Biotech. The company is listed on the TSX-V under the symbol KNE and on the OTCQB Venture Market under the symbol KNBIF.

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