Kalytera Therapeutics, Inc. (TSXV:KALY) (OTCQB:KALTF) (the “Company” or “Kalytera”) today reported financial results for the first quarter of 2018. (All dollars U.S. unless otherwise noted.)

The Company recorded a net loss of approximately $1.9 million ($0.01 per Common Share) in the first quarter of 2018, compared with a net loss of approximately $1.6 million ($0.02 per Common Share) in the first quarter of 2017. The increase of approximately $295,000 in net loss was attributable mainly to an increase in research and development expenditures of approximately $883,000; an increase of approximately $4.2 million in the fair-value recognized for contingent liabilities related to the Company’s acquisition of Talent Biotechs, Ltd. in 2017; and an increase of approximately $210,000 in other financial expenses, offset by approximately $4.6 million of financial income recorded in the quarter in connection with equity and debt instruments issued to investors in December 2017; and a decrease of approximately $411,000 in general and administration expenses.


Operating Expenses

Research and development expenses increased to approximately $1.3 million in the first quarter of 2018 from $404,000 in the first quarter of 2017, due primarily to an increase in subcontracted research and development costs; costs incurred relating to the advancement of the Company’s patented cannabidiol (“CBD”) drug into a Phase 2 clinical study in prevention of graft versus host disease (“GVHD”); and the addition of research and development employees in 2018.

General and administrative expenses decreased in the first quarter of 2018 to approximately $798,000 from approximately  $1.2 million in the first quarter of 2017 due to reductions in consulting and management fees, legal and professional expenses, office and other expenses and travel. These decreases resulted primarily from a change in the Company’s operations as the Company is relying less on external consultants and more on in-house personnel.

As of March 31, 2018, the Company had cash and cash equivalents of approximately $1.9 million, which is sufficient to fund operating costs through year-end 2018. However, in order to fund other costs including the $4 million milestone payments currently due to former shareholders of Talent Biotechs, Ltd., the Company plans to raise additional capital to fund the milestone payments and its working capital requirements beyond year-end 2018, including expenses for the clinical development of its lead product program, CBD in the treatment and prevention of GVHD.

About Kalytera Therapeutics
Kalytera Therapeutics, Inc. is pioneering the development of CBD therapeutics. Through its proven leadership, drug development expertise, and intellectual property portfolio, Kalytera seeks to establish a leading position in the development of CBD medicines for a range of important unmet medical needs, with an initial focus on GVHD and treatment of acute and chronic pain.

Cautionary Statements
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 is expressly qualified by this cautionary statement and is 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.

Contact Information

Robert Farrell
President, CEO
(888) 861-2008
info@kalytera.co

Colwell Capital Corp.
Graeme Dick
1-403-561-8989
graeme@colwellcapital.com

Click here to connect with Kalytera Therapeutics, Inc. (TSXV:KALY) (OTCQB:KALTF) for an Investor Presentation.

Source: globenewswire.com

TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) (“TransCanna” or the “Company”) is pleased to announce that it has closed the 2nd and final tranche of its Unit financing. In connection with the closing, the Company issued 1,356,873 Units at a price of $0.55 per Unit, for gross proceeds of $746,280.15. Each Unit consists of one (1) common share and one (1) warrant. Each warrant entitles the holder to purchase one common share of the Company, at an exercise price of $0.75 per share, for a period of two years from the date of issuance. The warrants are subject to an acceleration right that allows the Company to give notice of an earlier expiry date if the Company’s share price on the CSE (or such other stock exchange the Company’s shares may be trading on) is equal to or greater than $1.25 for a period of 20 consecutive trading days. Finder’s fees of $42,542, 3,200 Finder’s shares and 80,550 Finder’s warrants were issued in connection with finder’s fees payable.

In total, the Company raised gross proceeds of $1,757,180 and issued 3,194,873 Units.

Keep reading... Show less

 Sweet Earth Holdings Corp. (CSE: SE) (FSE: 1KZ1) (OTCQB: SEHCF) (“Sweet Earth” the “Company”) is pleased to announce that it has received full Depository Trust Company (“DTC”) eligibility in the United States. On October 20, 2020, Sweet Earth announced that its shares had been listed on the United States’ Over-The-Counter Bulletin (“OTCQB”) under the ticker SEHCF.

DTC status means that Sweet Earth shares are now eligible to be transferred between brokerage accounts within the United States and significantly augments the ease in which American-based investors are able to trade Sweet Earth shares.

Keep reading... Show less

Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company”), announces that further to its press releases dated July 21, 2020 and July 31, 2020, the Company proposes to amend the exercise price of 19,405,804 warrants of the Company that were originally issued on July 27, 2018, to $0.10. These warrants are set to expire on December 31, 2020.

The Company had initially proposed a lower amended price, but that proposal was not approved by the TSX Venture Exchange (“Exchange“), however, the Exchange indicated that a $0.10 exercise price, may be more acceptable. Accordingly, the proposed amendment remains subject to Exchange approval.

Keep reading... Show less

Issuance of U.S. Patent No. 10,851,077 covering methods for extracting and concentrating cannabinoids using ultrasound-enhanced solvent extraction bolsters World Class’ intellectual patent portfolio

World-Class Extractions Inc. (CSE:PUMP)(FRA:WCF)(OTCQB:WCEXF) (the “Company” or “World-Class”) is pleased to announced the United States Patent and Trademark Office (“USPTO”) has issued U.S. Patent No. 10,851,077 on December 1, 2020 in relation to the Company’s methods for extracting and concentrating cannabinoids and other target compounds from cannabis using ultrasound-enhanced solvent extraction

Keep reading... Show less

Ubican brings well-known brands and is a trusted vendor with an established sales and marketing program

Chemesis International Inc. (CSE:CSI) (OTCQB:CADMF) (FRA:CWAA) (the “Company” or “Chemesis”), announces Ubican Global (“Ubican”) as its primary supplier for its United States VICKI program. Ubican is a trusted supplier of a family of brands, each with multiple types of products. The products include tinctures, digestibles, edibles, pet, beautyskincare, topical, edible, fitness, and smokable products

Keep reading... Show less