Philip Renaud Files Updated Early Warning Report in Respect of Kane Biotech Inc.

LONDON, UNITED KINGDOM--(Marketwired - Dec. 16, 2015) - Philip Renaud, the Chairman and a director of Kane Biotech Inc. (the "Corporation"), today announces that he and the Corporation have entered into an agreement to: (a) extend the maturity date of the $500,000 principal amount 2-year 10% convertible redeemable unsecured note previously issued to him by the Corporation (the "Note") from December 18, 2015 to June 18, 2017; and (b) change the price at which the Note may be converted into common shares of the Corporation ("Common Shares") from $0.15 per Common Share to $0.10 per Common Share. This decrease in conversion price increases the potential number of Common Shares issuable upon the conversion of the Note from 3,333,333 to 5,000,000; such increase represents approximately 1.4% of the issued and outstanding Common Shares. All other terms of the Note remain the same. In addition, Mr. Renaud and the Corporation have also entered into an agreement to extend the time during which 4,000,000 warrants to purchase Common Shares (the "Warrants") previously issued to Mr. Renaud may be exercised from December 18, 2015 to June 18, 2017. All other terms of the Warrants remain the same, including the exercise price of $0.095 per Common Share. For the purposes hereof, the foregoing amendments shall be referred to as the "Amendments".

The Note and the Warrants were originally acquired by Mr. Renaud pursuant to a subscription agreement effective December 18, 2013 whereby Mr. Renaud purchased a unit of the Corporation comprising the Note and the Warrants. In connection with the foregoing subscription, Mr. Renaud filed an Early Warning Report dated December 18, 2013 (the "Initial EWR").

Following the Amendments, Mr. Renaud holds 28,408,146 Common Shares (representing approximately 24.1% of all of the issued and outstanding Common Shares), 1,115,000 options to purchase Common Shares (the "Options"), the Warrants and the Note. If all of the Warrants and the Options were exercised and the Note was converted, Mr. Renaud would own 38,523,146 Common Shares, representing approximately 32.7% of all of the issued and outstanding Common Shares.

The amendments to the terms of the Note and the Warrants remain subject to the final approval of the TSX Venture Exchange.

Pursuant to the requirements of section 5.2(2)(b) of National Instrument 62-104 - Take-Over Bids and Issuer Bids, Mr. Renaud has filed an updated Early Warning Report on SEDAR at www.sedar.com to address changes in material facts contained in the Initial EWR. A copy of the updated Early Warning Report may be obtained from the Corporation by contacting the undersigned.