Kalytera Announces Grant of Stock Options to Chief Scientific Officer and Chief Medical Officer
March 14 2018 - 8:30AM
Kalytera Therapeutics, Inc. (TSX VENTURE:KALY) (OTCQB:KALTF) (the
"
Company" or "
Kalytera") today
announced that it has granted stock options on March 13, 2018 to
certain officers of the Company. The stock options have an
exercise price of $0.34 per common share and expire ten years from
the date of grant. Stock options to purchase 650,000 common
shares of Kalytera were issued to Dr. Sari Prutchi-Sagiv, the Chief
Scientific Officer of the Company, and stock options to purchase
750,000 common shares of Kalytera were issued to Dr. Moshe
Yeshurun, the Chief Medical Officer of the Company.
One-quarter of the options granted will vest on June 15, 2018 (in
the case of Dr. Prutchi-Sagiv) or July 15, 2018 (in the case of Dr.
Yeshurun) and the remaining options will vest in thirty-six (36)
equal monthly installments following the initial vesting date.
The Company also announced that the TSX Venture
Exchange (the “TSXV”) has approved, and the
Company has completed, a settlement of certain debt previously
owing to a service provider through the issuance of common shares
to the service provider. This transaction was previously
announced on January 11, 2018, and involved debt owing 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 was extinguished through the issuance of 328,614 Common
Shares, 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.
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 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
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