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Kalytera Announces Further Payments in Shares under Payments Agreements with Salzman Group
Kalytera Announces Further Payments in Shares under Payments Agreements with Salzman Group.
About this update from Claritas Pharmaceuticals Inc.
[{"type":"text","content":"\nSAN FRANCISCO and TEL AVIV, Israel, Aug. 17, 2018 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSX VENTURE: KALY and OTCQB: KALTF) (the \"Company\" or \"Kalytera\") today announced that the Company has elected to issue 5,657,957 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 (CBD) in the prevention of graft versus host disease (GVHD). 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.\n The invoiced amounts to be paid in Common Shares to The Salzman Group is the amount of US$329,101 (or C$432,833.64 based on the daily average exchange rate for August 16, 2018 published by the Bank of Canada). The number of Common Shares to be issued is based on a deemed issue price of C$0.0765 per Common Share, being 90% of the closing price of the Common Shares on the TSXV on August 16, 2018, 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 today. The Company and Salzman Group have also approved a modification to the irrevocable selling agreement established by The Salzman Group with its broker, such that the Common Shares issued today and any further Common Shares issued under the December 2017 Agreement and the June 2018 Agreement shall be sold on each of the ten trading days following deposit of such shares in the brokerage account of The Salzman Group (instead of being sold over three or five trading days). About Kalytera TherapeuticsKalytera Therapeutics, Inc. (\"Kalytera\") is pioneering the development of a next generation of cannabin...