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Kalytera Announces Appointment of Victoria Rudman as Interim Chief Financial Officer and Additional Payments in Shares under Payments Agreements with Salzman Group
SAN FRANCISCO and TEL AVIV, Israel, June 29, 2018 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSX VENTURE:KALY) (OTCQB:KALTF) (the "Company" or "Kalytera") today announced the appointment of Victoria Rudman as Interim Chief Financial Officer, Treasurer and Secretary.
Ms. Rudman brings over 20 years of financial leadership in the financial services and life sciences sectors to Kalytera. She served as Chief Financial Officer of Kalytera from March 2015 through June 2016 and continued to serve as Treasurer and Secretary of Kalytera since March 2015. Ms. Rudman will assist the Company in the Chief Financial Officer role on an interim basis as Kalytera works towards hiring a candidate to fill the CFO position for the longer term.
Ms. Rudman previously held various positions in Morgan Stanley and Bear Stearns and a number of small cap public companies and startup ventures.
Share Issuances to The Salzman Group
Kalytera also announces today that the Company has elected to issue 978,099 common shares of the Company (“Common Shares”) to The Salzman Group in payment of the most recent invoice issued under the services agreement with The Salzman Group previously announced on December 7, 2017 (the “December 2017 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.
The invoice owing to The Salzman Group is in the amount of US$112,798 (or C$149,649.11 based on the daily average exchange rate for June 28, 2018 published by the Bank of Canada). The number of Common Shares to be issued is based on a deemed issue price of C$0.153 per Common Share, being 90% of the closing price of the Common Shares on the TSXV on June 28, 2018, the trading day prior to the Company’s election to pay the invoice in Common Shares. The Common Shares are expected to be issued to The Salzman Group today.
Also, as previously announced, the Company entered into an additional agreement with The Salzman Group and its affiliates on June 15, 2018 (the “June 2018 Agreement”). 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. The TSXV has approved, and the Company is completing today, the previously announced settlement of certain debts owing for services already provided under the June 2018 Agreement, through the issuance of 9,019,346 common shares to The Salzman Group. As previously announced, the debt owing to The Salzman Group and its affiliates that is being extinguished today was in the amount of US$1,026,182 (or C$1,339,372.75 based on the daily average exchange rate for June 14, 2018 published by the Bank of Canada).
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.
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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 and the risk that Kalytera may not succeed in hiring a suitable CFO candidate for the longer term. 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.
- Robert Farrell