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

The Company recorded net income of approximately $1.8 million ($0.01 per Common Share) in the third quarter of 2018, compared with a net loss of approximately $1.2 million ($0.01 per Common Share) in the third quarter of 2017. This increase in net income of approximately $3.0 million from third quarter 2017 to third quarter 2018 is mainly due to an offset of $12.9 million recorded in general and administrative expense due to a change in assumptions made in the assessment of the fair value of the Company’s contingent liability relating to the acquisition of Talent Biotechs Ltd. (“Talent”) in 2017, balanced against an increase of approximately $9.9 million in other expenses arising out of impairment to the value of the Talent intellectual property. This was offset by an increase of approximately $1.8 million in research and development expenditures that the Company incurred as it advanced and expanded its clinical development program in prevention of acute GVHD, and an increase in finance expenses of $230,000.


Operating Expenses

Research and development expenditures increased to approximately $1.9 million in Q3 2018 from $20,000 in Q3 2017 due primarily to an increase in costs relating to the advancement of the Company’s ongoing Phase 2 clinical trial in the prevention of acute graft versus host disease.

General and administrative expenses remained consistent in the third quarter of 2018 at $785,000, compared to $796,000 in the third quarter of 2017, after excluding the offset in the amount of approximately $12.9 million arising from the change in the fair value of contingent liabilities related to the Talent acquisition as described above. General and administrative expenses increased in third quarter 2018 compared with third quarter 2017 in the categories of consulting fees, insurance costs, investor relations expenditures, and salaries and benefits resulting from hiring Kalytera’s Chief Financial Officer, which increases were offset by a decrease in expenditures related to legal and professional fees and office and other expenses.

At September 30, 2018, the Company’s cash and cash equivalents decreased to $966 from $3,686 at December 31, 2017. Working capital at September 30, 2018 decreased to ($4,291) as compared to ($209) at December 31, 2017. The decrease in the Company’s working capital was mainly due to the increase in the amount of current liabilities due to the former shareholders of Talent.

The Company funds its operating costs through a combination of cash and equity payments to its creditors. The Company’s largest creditor during calendar 2018 and calendar 2019 will be the Salzman Group of Israel. Under agreements with the Salzman Group, the Company may elect to pay amounts due to the Salzman Group in either cash or through the issuance of common shares. The Company believes that it has sufficient cash to fund its cash operating costs (costs that will be paid in cash to creditors other than the Salzman Group) beyond year-end 2018, including expenses for the clinical development of its lead product program, CBD in the 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

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

Source: globenewswire.com

Lexaria Bioscience Corp. (NASDAQ:LEXX)(NASDAQ:LEXXW)(CSE:LXX) (the “Company” or “Lexaria”), a global innovator in drug delivery platforms, is pleased to announce the appointment of Mr. Al Reese, Jr., to its Board of Directors

Mr. Reese has over 40 years experience in public and private businesses including as CFO of a formerly Nasdaq-listed energy company where he arranged finance transactions totaling over $10 billion dollars during his 20-year tenure. Mr. Reese was a Director and Chairman of the Audit Committee of a community bank in Texas for ten years until such time as it was acquired by a larger banking group in 2018.

Keep reading... Show less

Mexico looks to be closer than ever to cannabis reform, with the country releasing its regulation plans to make the drug legal in medical settings.

Meanwhile, despite the financial hardships seen recently in the Canadian cannabis market, CEOs in the country are still receiving top dollar, as per a new study.

Keep reading... Show less

Not for Distribution to United States Newswire Services or for Dissemination in the United States

Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today the pricing of its previously announced best efforts overnight marketed offering (the “Offering”) of subordinate voting shares (the “Offered Securities”) of the Company at a price of C$16.00 per share for a total gross proceeds of approximately US$125 Million. The issue price represents a 3.3% discount to the last close of the Company’s subordinate voting shares traded on the Canadian Securities Exchange as of January 14, 2021. 100% of the Offering is expected to be purchased by a total of seven new and existing institutional investors, including current shareholder, Wasatch Global Investors.

Keep reading... Show less

Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from leaders at: Tilray, Inc. (NASDAQ: TLRY), Icanic Brands (OTC: ICNAF) (CSE: ICAN) Red Light Holland (OTC: TRUFF) (CSE: TRIP) and Aphria, Inc. (NASDAQ: APHA).

Investors are cheering new and expected legislation which is opening new market opportunities for both cannabis and psychedelics globally. Innovation in premium branding, growing technologies, manufacturing, with operational execution are key, in the drive towards profitability. Wall Street Reporter highlights the latest comments from industry thought leaders in cannabis and psychedelics:

Keep reading... Show less

Lexaria Bioscience Corp. (NASDAQ:LEXX)(NASDAQ:LEXXW)(CSE:LXX) (the “Company”) today announced the closing of its previously announced underwritten public offering (the “Offering”) of 1,828,571 units, each unit consisting of one share of common stock and one warrant to purchase one share of common stock at a public offering price of $5.25 per unit (all prices in US$). The warrants have an exercise price of $6.58 per share, are immediately exercisable and will expire five years following the date of issuance. In connection with the Offering, the underwriter exercised in full its option to purchase an additional 274,285 shares of common stock and additional warrants to purchase 274,285 shares of common stock. The gross proceeds from the Offering were approximately $11.04 million, before deducting underwriting discounts and estimated offering expenses. No securities were offered or sold in Canada, including through the CSE or any other trading market in Canada

H.C. Wainwright & Co. (“Wainwright”) acted as the sole book-running manager for the Offering and is a non-related party to the Company.

Keep reading... Show less