Business
Kalytera Announces Share Issuance for January Invoices under Payments Agreements with Salzman Group
Kalytera Announces Share Issuance for January Invoices under Payments Agreements with Salzman Group.
About this update from Claritas Pharmaceuticals Inc.
[{"type":"text","content":"\nSAN FRANCISCO and TEL AVIV, Israel, Feb. 26, 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 15,262,540 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, as amended (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, which expires on March 1, 2019, 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, services relating to clinical studies to evaluate effects of food on the pharmacokinetics of CBD and any drug-drug interactions with CBD, services relating to studies in connection with use of CBD in prevention of GVHD and other studies involving CBD, 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$729,877 (or C$961,539.96 based on the daily average exchange rate for February 25, 2019 published by the Bank of Canada).  The number of Common Shares to be issued is based on a deemed issue price of C$0.063 per Common Share, being 90% of the closing price of the Common Shares on the TSXV on February 25, 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 February 26, 2019.    About Kalytera Therapeutics Kalytera 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 s...