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Kalytera Announces Binding Agreement to Acquire Salzman Group
Kalytera Announces Binding Agreement to Acquire Salzman Group.
About this update from Claritas Pharmaceuticals Inc.
[{"type":"text","content":"\n SAN FRANCISCO, May 19, 2020 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSX VENTURE: KLY and OTCQB: KALTF) (the \"Company\" or \"Kalytera\") announced today that it has signed a binding Letter of Intent dated May 12, 2020 (the “LOI”) to acquire Salzman Group, Inc., a privately held company located in West Tisbury, MA (“Salzman Group”). Salzman Group is the owner of R-107, a proprietary drug with issued and pending composition of matter and method of use patents in approximately 40 countries, including the U.S., Australia, Brazil, China, Europe, India, Japan, Russia and South Korea. Salzman Group is developing R-107 for treatment of COVID-19 associated lung disease, chlorine inhalation lung injury (“CILI”) and pulmonary arterial hypertension (“PAH”). Subject to completion of customary due diligence, the Company expects that definitive agreements will be executed by June 15, 2020. In connection with this announcement, the Company has requested that a trading halt of the Company’s common shares be affected in compliance with the requirements of the TSX Venture Exchange. Highlights R-107 is a liquid prodrug of nitric oxide. Based on the fact that nitric oxide is an approved treatment for acute respiratory failure in newborns, and the clinical evidence of nitric oxide’s antiviral activity against strains of coronavirus, Salzman Group will develop R-107 for treatment of COVID-19 associated lung disease.Salzman Group is also developing R-107 for chlorine inhalation lung injury (“CILI”). This project has been funded in whole or in part with Federal funds from the Department of Health and Human Services; Office of the Assistant Secretary for Preparedness and Response; Biomedical Advanced Research and Development Authority, under Contract No. HHSO100201600016C (the \"BARDA Contract\"). Salzman Group will make an application for an additional BARDA contract to develop R-107 for treatment of COVID-19 associated lung disease.The potential total funding under the BARDA Contract for development of R-107 for CILI is USD $84.9 million.If Salzman Group’s application for a new BARDA contract for development of R-107 for COVID-19 associated lung disease is successful, Salzman Group may receive an additional USD $20 million under this new BARDA contract. Kalyt...