Business
Kalytera Announces Extension of Maturity Date of Promissory Note
Kalytera Announces Extension of Maturity Date of Promissory Note.
About this update from Claritas Pharmaceuticals Inc.
[{"type":"text","content":"\n SAN FRANCISCO and TEL AVIV, Israel , March 16, 2020 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSX VENTURE: KLY and OTCQB: KALTF) (the \"Company\" or \"Kalytera\") announced today that, in connection with the Company's previously announced intention to acquire Stero Biotechs, Ltd. (“Stero”), the Company and the former shareholders of the Company’s subsidiary, Talent Biotechs Ltd., have agreed to extend the maturity date of the secured promissory note in favor of such shareholders (the “Promissory Note”) to May 15, 2020, the date by which the Company expects to complete the acquisition of Stero. Stero’s Program in Steroid SparingStero is a privately held Israeli company that is developing cannabidiol (“CBD”) for co-administration with steroids, so that the effective dosages of steroids can be significantly reduced, thereby potentially avoiding or reducing the many safety issues relating to steroid administration. Stero currently has two ongoing Phase 2a clinical studies evaluating CBD in steroid sparing, and has data from earlier clinical studies demonstrating that co-administration of CBD with steroids may significantly reduce the need for steroid treatment, with the potential to reduce steroid dosing by as much as 80%. The Acquisition of Stero Should Position Kalytera as a Leader in CBD Pharmaceutical Development\"The acquisition of Stero should position Kalytera as a leader in the development of CBD pharmaceuticals,” stated Robert Farrell, President and CEO of Kalytera. “Stero's issued U.S. patent covers the use of CBD for steroid sparing in more than 130 named diseases in which steroid treatment is indicated, and Stero's programs in steroid sparing address large commercial opportunities, much larger than the market opportunity in GVHD that Kalytera is currently addressing. With the acquisition of Stero, we will have a much more robust CBD pharmaceutical development program, with vastly greater potential value.” Mr. Farrell went on to state that,“Kalytera is working closely with the former Talent shareholders to place Kalytera in a leadership position in the development of CBD pharmaceuticals, and I would like to express my appreciation to them for their cooperation and assistance relating to both the proposed acquisition of Stero, and our co...