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Kalytera to Acquire Stero Biotechs, Ltd.
Kalytera to Acquire Stero Biotechs, Ltd..
About this update from Claritas Pharmaceuticals Inc.
[{"type":"text","content":"\n Acquisition Will Bring Kalytera Multiple Additional CBD Pharmaceutical Programs New Product Development Programs Will Address Large Commercial Opportunities in Steroid Sparing Kalytera Also Announces Issuance of EU Patent for Prevention and Treatment of Graft Versus Host Disease SAN FRANCISCO and TEL AVIV, Israel, March 05, 2020 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSX VENTURE: KLY and OTCQB: KALTF) (the \"Company\" or \"Kalytera\") announced today that it has signed a Letter of Intent (“LOI”) to acquire Stero Biotechs, Ltd. (“Stero”). Stero is a privately held Israeli company that is developing cannabidiol (“CBD”) for co-administration with steroids, so that the effective dosages of steroids can be significantly reduced, thereby potentially avoiding or reducing the many safety issues relating to steroid administration. Closing of the transaction is subject to shareholder approval and other conditions, as explained below. Importance of this AcquisitionKalytera and Stero are similar, in that each company is developing CBD pharmaceutical products.  However, Stero's CBD programs address many more, and much larger commercial markets than do Kalytera's programs. For example, Kalytera has issued patents for the use of CBD in prevention and treatment of graft versus host disease (“GVHD”), which is an orphan disease. Stero, on the other hand, has issued patents covering the use of CBD for steroid sparing in over 130 different diseases and disorders, which, in the aggregate, represent a multi-billion dollar commercial opportunity. The addition of Stero's portfolio of CBD pharmaceutical programs to Kalytera would position Kalytera among the leaders in CBD pharmaceutical development. Stero's Ongoing Phase 2 Programs in Steroid SparingStero currently has two ongoing Phase 2a clinical studies evaluating CBD in steroid sparing, and has data from earlier clinical studies demonstrating that co-administration of CBD with steroids may significantly reduce the need for steroid treatment, with the potential to reduce steroid dosing by as much as 80%. Steroids are used in treatment of more than 130 diseases and disorders.  However, steroids carry an array of potential side effects, such as fluid retention, bone damage, elevated blood sugars, and problems with mood, memory, and ...