Kalytera Announces Settlement of Debt Transaction
January 11 2018 - 10:43PM
Kalytera Therapeutics, Inc. (TSX-V:KALY) (OTCQB:KALTF) (the
"
Company" or "
Kalytera") today
announced that it has entered into an agreement to pay amounts
owing to a service provider for past services in common shares of
the Company (“
Common Shares”). The transaction is
subject to approval by the TSX Venture Exchange
(“
TSXV”).
The debt owing is in the amount of US$76,000 (or
C$94,969.60 based on the daily average exchange rate for January
10, 2018 published by the Bank of Canada). This debt will be
extinguished through the issuance of 328,614 Common Shares.
The number of Common Shares to be issued is based on a deemed issue
price of C$0.289 per Common Share, being 85% of the closing price
of the Common Shares on the TSXV on January 11, 2018.
The Company will issue these Common Shares,
which will be subject to a four month hold period, upon approval of
the TSXV.
About Kalytera
Therapeutics Kalytera 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
Statements Neither 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 Information
Robert Farrell President, CEO (888) 861-2008
info@kalytera.co
Kalytera Therapeutics (TSXV:KALY)
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