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Kalytera Announces Approval of Shares for Services and Settlement of Debt Transaction with The Salzman Group of Israel
Kalytera Announces Approval of Shares for Services and Settlement of Debt Transaction with The Salzman Group of Israel.
About this update from Claritas Pharmaceuticals Inc.
[{"type":"text","content":"\n\n SAN FRANCISCO and TEL AVIV, Israel, Dec. 22, 2017 (GLOBE NEWSWIRE) -- 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.\n 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 ...