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SAN FRANCISCO and TEL AVIV, Israel, March 14, 2018 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSX VENTURE:KALY) (OTCQB:KALTF) (the "Company" or "Kalytera") today announced that it has granted stock options on March 13, 2018 to certain officers of the Company. The stock options have an exercise price of $0.34 per common share and expire ten years from the date of grant. Stock options to purchase 650,000 common shares of Kalytera were issued to Dr. Sari Prutchi-Sagiv, the Chief Scientific Officer of the Company, and stock options to purchase 750,000 common shares of Kalytera were issued to Dr. Moshe Yeshurun, the Chief Medical Officer of the Company. One-quarter of the options granted will vest on June 15, 2018 (in the case of Dr. Prutchi-Sagiv) or July 15, 2018 (in the case of Dr. Yeshurun) and the remaining options will vest in thirty-six (36) equal monthly installments following the initial vesting date.
The Company also announced that the TSX Venture Exchange (the “TSXV”) has approved, and the Company has completed, a settlement of certain debt previously owing to a service provider through the issuance of common shares to the service provider. This transaction was previously announced on January 11, 2018, and involved debt owing of US$76,000 (or C$94,969.60 based on the daily average exchange rate for January 10, 2018 published by the Bank of Canada). This debt was extinguished through the issuance of 328,614 Common Shares, based on a deemed issue price of C$0.289 per Common Share, being 85% of the closing price of the Common Shares on the TSXV on January 11, 2018.
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 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 compound that has shown activity against a number of pharmacological targets. However, there are limitations associated with natural CBD, including its poor oral bioavailability. Kalytera will seek to develop innovative CBD formulations and prodrugs in an effort to overcome these limitations, and to target specific disease sites within the body. Kalytera intends to file composition of matter and method of use patents covering its novel inventions, with the goal of limiting future competition.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain certain forward-looking information and statements ("forward-looking information") within the meaning of applicable Canadian securities legislation, that are not based on historical fact, including without limitation in respect of its product candidate pipeline, planned clinical trials, regulatory approval prospects, intellectual property objectives and other statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risk that future clinical studies may not proceed as expected or may produce unfavourable results. Kalytera undertakes no obligation to comment on analyses, expectations or statements made by third-parties, its securities, or financial or operating results (as applicable). Although Kalytera believes that the expectations reflected in forward-looking information in this press release are reasonable, such forward-looking information has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond Kalytera's control. The forward-looking information contained in this press release are expressly qualified by this cautionary statement and are made as of the date hereof. Kalytera disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
Clinical Approvals Clinical Trials Drug Approvals Drug Delivery Drug Discovery Generics Drugs Prescription Drugs In the fields of medicine, biotechnology and pharmacology, drug discovery is the process by which drugs are dis...