Kane Biotech Inc. (KNE) Earnings Call Transcript & Summary
February 20, 2024
Earnings Call Speaker Segments
Philip Renaud
executiveHello. This is Philip Renaud. The notice of this meeting of shareholders was mailed to all the shareholders of record on January 29, 2024. The secretary will annex the declaration to such mailings and to the minutes of the meeting. The scrutineers report. Will the scrutineers please submit the report on attendance? The scrutineers report is as follows: We are pleased to report that there are 23 shareholders holding 59,983,479 common shares represented in person or by proxy at this meeting. This represents [ 35 ].59% of the 131,844,567 shares issued and outstanding common shares, dated this -- the 20th of February 2024. The declaration that this meeting is duly constituted. Notice having been mailed in accordance with the bylaws and public [ global ] policies and the quorum being representative, I declare that this meeting is duly constituted for the transaction of business. Can I have a motion from an election of a director? I think this is right.
Georges Morin
executiveI think someone has to read the motion.
Marc Edwards
executiveOkay. So I move that if [indiscernible] resolve this ordinary resolution of the shareholders of Kane Biotech, Inc., the corporation, that Robert Huizinga be elected as an additional Director of the corporation until the next Annual General Meeting of the corporation.
Philip Renaud
executiveMarc, thank you very much. The only item of business is the election of Robert Huizinga.
Marc Edwards
executiveDo you need a seconder for the motion?
Philip Renaud
executiveI'm sorry.
Georges Morin
executiveYes, yes.
Marc Edwards
executiveWe need a seconder for the motion.
Philip Renaud
executiveCan I have a seconder of the motion, please?
Georges Morin
executiveYes. I will second the motion, Georges Morin.
Philip Renaud
executiveOkay. The only item of the business and it's the election of Robert Huizinga as a Director of the corporation. Bylaws of the corporation provide that the number of directors shall be fixed by the directors of the corporation. The directors of the corporation have fixed the number of directors at 5. Marc, can I have a second motion?
Marc Edwards
executiveThe -- yes, can I have motion to fix the number of board members to 5?
Georges Morin
executiveYes, I will second that motion.
Philip Renaud
executiveThank you, George. I have heard the motion from Marc Edwards and second by Georges Morin. All those in favor, please signify by raising their hand or making a motion of anything of contrary?
Georges Morin
executive[ I ].
Philip Renaud
executiveOkay. Thank you and carried. I now declare Robert Huizinga elected Director of the corporation to hold office until he resigns or until his successor is duly elected or appointed. Is there any further business? Is there any further business to bring before this meeting? As there is no further business, the Chair will entertain a motion to conclude.
Marc Edwards
executiveI move that it be resolved that this meeting be concluded.
Philip Renaud
executiveDo I have a second to that motion?
Georges Morin
executiveGeorges Morin, I will second that motion.
Philip Renaud
executiveYou have heard the motion by Marc Edwards and second by Georges Morin. All those in favor, please signify in the usual manner.
Georges Morin
executiveI [ forward ].
Philip Renaud
executiveOkay. Well, so forward carried, the meeting is now concluded. Thank you very much.
Marc Edwards
executivePhilip, and Board members, if it's all right with you, well, we've got other people on the line here. I'd like to give a few quick updates on things happening at Kane. First, the Bioscience Association of Manitoba announced today that Kane was named the Biotech Company of the Year for Manitoba. So I really want to congratulate my team at Kane. They've been working extremely hard, and this is certainly a well-deserved recognition. Secondly, I just wanted to clarify why we needed today's special meeting to bring Robert on as a board member. At the last annual general meeting, we had 3 board members. We can at -- during the course of the year, grow that number of [ board ] members by 1. And we did that in November, bringing John Coleman on in November. And so to grow -- to add another board member once again, we needed to have a special meeting of the shareholders to do that. And we expect that Robert will be playing a very active role with Kane going forward and wanted to make sure that we were bringing him on as soon as possible. With regard to STEM, the sale of STEM, things are progressing on schedule, and we're very optimistic that this will close. The plan is to get a resolution of the shareholders once we have the final share purchase agreement. And will not require -- we don't believe will require a shareholder vote. And once again, the sale will completely [indiscernible] balance sheet and refocus the company. So -- and then with regards to our revived Antimicrobial Wound Gel, we're in the process of scaling up manufacturing. Everything is going well. And we're working hard to get products into distribution ahead of SAWC, the Symposium on Advanced Wound Care. Finally, we're having regular interactions with the FDA with regards to our DispersinB clinical trial, and we'll come back with news on that matter as soon as we have. So thank you for your time, and we'll be back with more news as it comes up. Thank you very much.
Georges Morin
executiveSo do we sign off? We lost Philip.
Marc Edwards
executiveYes. We can just sign off.
Georges Morin
executiveThank you.
Marc Edwards
executiveThank you. Take care, everyone.
Georges Morin
executiveThanks, everyone. Bye-bye.
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