Kalytera Announces Approval of Shares for Services and Settlement of Debt Transaction with The Salzman Group of Israel
December 22 2017 - 5:29PM
Kalytera Therapeutics, Inc. (TSX VENTURE:KALY) (OTCQB:KALTF) (the
"
Company" or "
Kalytera") today
announced that the TSX Venture Exchange (“
TSXV”)
has approved the arrangement reached with The Salzman Group of
Israel to allow Kalytera, at its option, to pay invoices under a
services agreement with The Salzman Group in common shares of the
Company (“
Common Shares”). As previously announced
on December 7, 2017, Kalytera has entered into a services agreement
with The Salzman Group (the “
Agreement”), under
which The Salzman Group will provide clinical study management
services in relation to the Phase 2 study, including
chemistry, manufacturing and controls
("
CMC") analytics, as well as
stability studies, toxicology studies and drug-drug interaction
studies, all of which will be required by the FDA to be completed
prior to initiation of a Phase 3 pivotal study.
In connection with the Agreement, the TSXV has
also approved, and the Company has completed, a settlement of
certain debts previously owing through the issuance of Common
Shares to The Salzman Group. The debt owing to The Salzman
Group was in the amount of US$206,983 (or C$266,283.63 based on the
daily average exchange rate for December 18, 2017 published by the
Bank of Canada), and pursuant to the terms of the Agreement, the
Company elected to pay the debt in Common Shares on December 19,
2017. This debt was extinguished through the issuance of
1,137,965 Common Shares to The Salzman Group. The number of
Common Shares issued was based on a deemed issue price of C$0.234
per Common Share, being 90% of the closing price of the Common
Shares on the TSXV on the trading day prior to the Company’s
election to pay the debt in Common Shares.
About Kalytera TherapeuticsKalytera
Therapeutics, Inc. ("Kalytera") is pioneering the
development of a next generation of cannabinoid therapeutics.
Through its proven leadership, drug development expertise, and
intellectual property portfolio, Kalytera seeks to establish a
leading position in the development of novel cannabinoid medicines
for a range of important unmet medical needs, with an initial focus
on graft versus host disease (“GVHD”).
Kalytera also intends to develop a new class of
proprietary cannabidiol ("CBD") therapeutics. CBD
is a versatile compound that has shown activity against a number of
pharmacological targets. However, there are limitations associated
with natural CBD, including its poor oral bioavailability. Kalytera
will seek to develop innovative CBD formulations and prodrugs in an
effort to overcome these limitations, and to target specific
disease sites within the body. Kalytera intends to file composition
of matter and method of use patents covering its novel inventions,
with the goal of limiting future competition.
- Website Home: https://kalytera.co/
- News and Insights: https://kalytera.co/news/
- Investors: https://kalytera.co/investors/
Cautionary StatementsNeither TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This press release may contain certain
forward-looking information and statements ("forward-looking
information") within the meaning of applicable Canadian securities
legislation, that are not based on historical fact, including
without limitation in respect of its product candidate pipeline,
planned clinical trials, regulatory approval prospects,
intellectual property objectives and other statements containing
the words "believes", "anticipates", "plans", "intends", "will",
"should", "expects", "continue", "estimate", "forecasts" and other
similar expressions. Readers are cautioned to not place undue
reliance on forward-looking information. Actual results and
developments may differ materially from those contemplated by these
statements depending on, among other things, the risk that future
clinical studies may not proceed as expected or may produce
unfavourable results. Kalytera undertakes no obligation to comment
on analyses, expectations or statements made by third-parties, its
securities, or financial or operating results (as applicable).
Although Kalytera believes that the expectations reflected in
forward-looking information in this press release are reasonable,
such forward-looking information has been based on expectations,
factors and assumptions concerning future events which may prove to
be inaccurate and are subject to numerous risks and uncertainties,
certain of which are beyond Kalytera's control. The forward-looking
information contained in this press release are expressly qualified
by this cautionary statement and are made as of the date hereof.
Kalytera disclaims any intention and has no obligation or
responsibility, except as required by law, to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise.
Contact InformationRobert FarrellPresident,
CEO(888) 861-2008info@kalytera.co
Kalytera Therapeutics (TSXV:KALY)
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