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Kalytera Announces Share Issuance and Extension to March 1 under Payments Agreements with Salzman Group
Kalytera Announces Share Issuance and Extension to March 1 under Payments Agreements with Salzman Group.
About this update from Claritas Pharmaceuticals Inc.
[{"type":"text","content":"\nSAN FRANCISCO and TEL AVIV, Israel, Jan. 14, 2019 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSX VENTURE: KALY and OTCQB: KALTF) (the \"Company\" or \"Kalytera\") today announced that the Company has elected to issue 9,387,831 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 In connection with this issuance of common shares, the parties to the June 2018 Agreement have agreed to extend the term of the June 2018 Agreement to March 1, 2019 (without any increase in the maximum dollar amount of services eligible for payment in shares thereunder).  The current issuance of shares and any future issuance of shares under the June 2018 Agreement is subject to any TSXV approval required in connection with such extension. The invoiced amounts to be paid in Common Shares to The Salzman Group total to the amount of US$573,508 (or C$760,414.26 based on the daily average exchange rate for January 11, 2019 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 January 11, 2019, 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 January 15, 2019 subject to any required TSXV approval.  About Kalytera TherapeuticsKalytera Therapeutics, Inc. (\"Kalytera\") is pion...