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Pivot Financial Provides $2.5MM Credit Facility to Kane Biotech

September 03, 2021, 07:11 AM
Filed Under: Biotechnology

Kane Biotech entered into an amended and restated credit agreement with Pivot Financial dated August 31, 2021.

The Amended Credit Facility amends and restates the existing credit agreement with Pivot dated November 5, 2020, increasing the credit facility to $2.5 million from $1.48 million. The Amended Credit Facility shall continue to be used by Kane Biotech for: (i) funding research and development relating to eligible government reimbursable expenditures; (ii) expenses related to STEM Animal Health Inc; and (iii) general working capital purposes.

“This new facility provides Kane Biotech with the access to additional working capital that it requires while discussions continue to advance on various partnership opportunities. I’d like to thank Pivot for their ongoing support of and confidence in the Company and its growth prospects,” commented Kane Biotech’s Chief Financial Officer, Ray Dupuis.

Dan Flaro, Pivot’s President noted “we’re pleased to renew and increase our non-dilutive financing commitment to Kane with improved terms to help it further advance the targeted commercialization of its portfolio of intellectual property.

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