June 2, 2016 / 9:57 PM / a year ago

BRIEF-Kane Biotech private placement offering of up to 50 mln shares

June 2 (Reuters) - Kane Biotech Inc

* Kane biotech announces private placement offering and proposed consolidation of shares

* Net proceeds of offering will be used for development and marketing of company's products

* Has agreed to seek approval of its shareholders for a consolidation of common shares on a five to one basis

* Non-Brokered private placement offering of up to 50 million common shares at a price of $0.03 per common share Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)

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