Business
Kalytera Announces Next Payment of Invoices in Shares under Payments Agreements with Salzman Group
Kalytera Announces Next Payment of Invoices in Shares under Payments Agreements with Salzman Group.
About this update from Claritas Pharmaceuticals Inc.
[{"type":"text","content":"\nSAN FRANCISCO and TEL AVIV, Israel, Sept. 07, 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 10,242,697 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 in the prevention of graft versus host disease. 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 total to the amount of US$629,101 (or C$829,658.40 based on the daily average exchange rate for September 6, 2018 published by the Bank of Canada). The number of Common Shares to be issued is based on a deemed issue price of C$0.081 per Common Share, being 90% of the closing price of the Common Shares on the TSXV on September 6, 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 on or about September 10, 2018. 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 of proprietary cannabidiol (\"CBD\") therapeutics. CBD is a versatile compo...