LIMERICK, Ireland, May 7, 2021 /CNW/ - kneat.com, inc.
(TSX-V: KSI) ("Kneat") announces it has signed a five-year
corporate Master Services Agreement (MSA) with another top ten
biopharma company, and provides an update on its recent financing.
Top Ten Biopharma Selects Kneat as its Corporate Validation
Platform for Global Manufacturing
In December 2020, Kneat announced
its SaaS platform was chosen by this research and
development-focused biopharma leader for a single site. Today, we
are pleased to announce it has selected Kneat as its
corporate-wide manufacturing e-Validation platform. The company has
more than seventy thousand employees across multiple operations in
six continents, and the selection of Kneat follows an
extensive formal evaluation by the company's digital manufacturing
solutions team. This agreement, which is effective immediately,
allows the company and its Affiliates to deploy Kneat across all
their manufacturing sites, representing a considerable opportunity
for the expansion of SaaS licenses over the coming years.
The customer's goal is to roll Kneat out in phases for multiple
processes across all its manufacturing sites. The initial focus is
Facilities, Utilities, and Equipment Qualification across
several lead sites. Follow on processes include, Cleaning
Validation, Process Validation, Manufacturing Changeover,
Engineering Specifications, Technology Transfer, Regulatory
Information Management, and more GMP verification processes.
As a COVID-19 vaccine manufacturer, Kneat's roll-out will also
facilitate efficiencies and speed in the validation documentation
practices that support COVID-19 production. Kneat is privileged to
be assisting with this urgent and essential global need.
"With the addition of this global leader we are pleased to now
be the chosen corporate solution for seven of the top ten largest
pharmaceutical companies," said Eddie
Ryan, Chief Executive Officer of Kneat. "We look forward to
working with their corporate team to roll Kneat out to all their
sites in the coming years".
Phase 1 implementation will begin in the coming weeks, with the
initial go-live expected in Q4 2021.
Financing Update
In connection with the closing of the common share offering
announced on April 28, 2021, the
Company paid the underwriters cash fees totalling $1,157,534.55. In connection with the
private placement, the Company paid cash finders fees totalling
$120,000.
About Kneat
Kneat, a Canadian company with operational headquarters in
Limerick, Ireland, develops and
markets the next generation Kneat Gx software platform. Multiple
business work processes can be configured on the platform from
equipment to computer system validation, through to quality
document management. Kneat's software allows users to author,
review, approve, execute testing online, manage any exceptions and
post approve final deliverables in a controlled FDA 21 CFR Part 11/
Eudralex Annex 11 compliant platform. Macro and micro report
dashboards enable powerful oversight into all systems, projects and
processes globally. Customer case studies are reporting
productivity improvements in excess of 100% and a higher data
integrity and compliance standard. For more information visit
www.kneat.com
Cautionary and Forward-Looking Statements
Except for the statements of historical fact contained herein,
certain information presented constitutes "forward-looking
information" within the meaning of applicable Canadian securities
laws. Such forward-looking information, includes, but is not
limited to, the relationship between Kneat and the customer,
Kneat's business development activities, the use and implementation
timelines of Kneat's software within the customer's validation
processes, the ability and intent of the customer to scale the use
of Kneat's software within the customer's organization and the
compliance of Kneat's platform under regulatory audit and
inspection. While such forward-looking statements are expressed by
Kneat, as stated in this release, in good faith and believed by
Kneat to have a reasonable basis, they are subject to important
risks and uncertainties. As a result of these risks and
uncertainties, the events predicted in these forward-looking
statements may differ materially from actual results or events.
These forward-looking statements are not guarantees of future
performance, given that they involve risks and uncertainties. Kneat
does not undertake any obligation to release publicly revisions to
any forward-looking statement, except as may be required under
applicable securities laws. Investors should not assume that any
lack of update to a previously issued forward-looking statement
constitutes a reaffirmation of that statement. Continued reliance
on forward-looking statements is at an investors' own risk.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE kneat.com, inc.