Kalytera Announces Share Issuance and Extension to March 1 under Payments Agreements with Salzman Group
January 14 2019 - 3:34PM
Kalytera Therapeutics, Inc. (TSX VENTURE: KALY and OTCQB: KALTF)
(the "
Company" or "
Kalytera")
today announced that the Company has elected to issue 9,387,831
common shares of the Company (“
Common Shares”) to
The Salzman Group in payment of invoices issued under the payments
agreement with The Salzman Group previously announced on December
7, 2017 (the “
December 2017 Agreement”) and the
additional payments agreement announced on June 15, 2018 (the
“
June 2018 Agreement”). Under the December
2017 Agreement, The Salzman Group provides, among other services,
clinical study management services in relation to the Phase 2 study
evaluating the use of cannabidiol in the prevention of graft versus
host disease. Under the June 2018 Agreement, The Salzman Group and
its affiliates provide general and administrative support services,
study set-up work for planned studies in connection with use of CBD
in treatment of GVHD, and research and development work in
connection with Kalytera’s exclusive license of
cannabidiol-naproxen conjugates for treatment of pain.
In connection with this issuance of common
shares, the parties to the June 2018 Agreement have agreed to
extend the term of the June 2018 Agreement to March 1, 2019
(without any increase in the maximum dollar amount of services
eligible for payment in shares thereunder). The current
issuance of shares and any future issuance of shares under the June
2018 Agreement is subject to any TSXV approval required in
connection with such extension.
The invoiced amounts to be paid in Common Shares
to The Salzman Group total to the amount of US$573,508 (or
C$760,414.26 based on the daily average exchange rate for January
11, 2019 published by the Bank of Canada). The number of
Common Shares to be issued is based on a deemed issue price of
C$0.081 per Common Share, being 90% of the closing price of the
Common Shares on the TSXV on January 11, 2019, the trading day
prior to the Company’s election to pay the invoiced amounts in
Common Shares. The Common Shares are expected to be issued to
The Salzman Group on or about January 15, 2019 subject to any
required TSXV approval.
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 and the risk that required regulatory
approvals may not be obtained. 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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