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Kalytera Announces New Payments Agreement with the Salzman Group of Israel
Kalytera Announces New Payments Agreement with the Salzman Group of Israel.
About this update from Claritas Pharmaceuticals Inc.
[{"type":"text","content":"\n SAN FRANCISCO and TEL AVIV, Israel, Feb. 07, 2020 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSX VENTURE: KLY and OTCQB: KALTF) (the \"Company\" or \"Kalytera\") today announced that it has entered into a new agreement reached with the Salzman Group of Israel (the “Agreement”), under which Kalytera will pay the Salzman Group USD$300,000 through issuance of Common Shares of the Company (“Common Shares”) for certain services previously provided to the Company by the Salzman Group. The total amount to be paid to the Salzman Group in Common shares under this new agreement will not exceed USD$300,000. The Company had previously entered into similar payments agreements with the Salzman Group in December 2017 and June 2018, which have expired. Under various agreements and work orders, the Salzman Group has provided certain services in connection with the Company’s programs for the development of cannabidiol (“CBD”) for the prevention and treatment of graft versus host disease (“GVHD”). Under the new Agreement, which remains subject to TSX Venture Exchange approval, Kalytera will make payment through issuance of Common Shares for invoices in the amount of USD$300,000 (or CDN$399,150.00 based on the daily average exchange rate for February 7, 2020 published by the Bank of Canada) for these previously provided services, in accordance with applicable securities laws and TSXV policies.  The number of Common Shares to be issued is based on a deemed issue price of CDN$0.05 per Common Share. The Common Shares are expected to be issued promptly following TSX Venture Exchange approval.  The Salzman Group will establish an irrevocable selling agreement with its broker to sell such shares on each of the five trading days following deposit of such shares in its brokerage account. About Kalytera TherapeuticsKalytera Therapeutics, Inc. is pioneering the development of CBD therapeutics. Through its proven leadership, drug development expertise, and intellectual property portfolio, Kalytera seeks to establish a leading position in the development of CBD medicines for a range of important unmet medical needs, with an initial focus on GVHD. Website Home: https://kalytera.co/News and Insights: https://kalytera.co/news/Investors: https://kalytera.co/inves...