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Kalytera Therapeutics Completes Acquisition of Talent Biotechs
Kalytera Therapeutics Completes Acquisition of Talent Biotechs.
About this update from Kali Inc
[{"type":"text","content":"\nLead program in Graft versus Host Disease (“GvHD”), a life-threatening condition that can occur following stem cell or bone marrow transplantationFour Phase 2 clinical studies evaluating CBD in the prevention and treatment of GvHDOrphan drug designations (“ODD”) granted in the U.S. and EuropeAdvancing towards FDA Phase 2b clinical studiesVANCOUVER, British Columbia, Feb. 16, 2017 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSX-V:KALY) (“Kalytera”) announced today that it has successfully completed the previously announced acquisition (the “Acquisition”) of Talent Biotechs Ltd. (“Talent”), strengthening Kalytera’s position as an emerging market leader in cannabidiol (“CBD”) pharmaceuticals. Talent is a privately held, Israeli-based company evaluating the use of CBD to prevent and treat Graft versus Host Disease (“GvHD”).\n“We feel incredibly fortunate to be continuing Talent’s groundbreaking work in GvHD,” said Andrew Salzman, M.D., Kalytera’s Chief Executive Officer. “There are currently few options to prevent or treat persons with GvHD, a large and critically underserved market. The results of Talent’s Phase 2 clinical studies are unprecedented, and mark a major milestone in the potential prevention and treatment of this severe and life-threatening disease. We are encouraged by the data and seek to rapidly advance the GvHD program into FDA Phase 2b clinical studies.”“This is a transformational transaction for Kalytera,” said Robert Farrell, President, COO, and CFO of Kalytera. “Multiple studies have demonstrated that CBD, a non-psychoactive cannabis constituent, possesses remarkable therapeutic potential across a broad range of diseases and disorders. The acquisition of Talent and its late-stage GvHD program significantly advances Kalytera’s position as an emerging leader in CBD pharmaceuticals. We expect our work in GvHD to be the first of many programs that seek to investigate and commercialize this important compound.”Summary of Transaction TermsAs consideration for the Acquisition, Kalytera will provide a combination of cash, securities, and future contingent payments to Talent. To date, Kalytera has made cash payments to Talent totaling USD$10,000,000. In a...