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Claritas Pharmaceuticals Inc V.CLAS.H

Alternate Symbol(s):  CLAZF

Claritas Pharmaceuticals, Inc., formerly Kalytera Therapeutics Inc, is a biotechnology company that is focused on developing R-107 for the treatment of vaccine-resistant coronavirus disease (COVID) strains. The Company’s products in development include R-107 for coronavirus disease and Viral Infections, R-107 and Vaccines, and CLA-1816 for treatment of pain. R-107 is designed to defeat COVID viruses on contact. R-107 targets the Achilles heel of COVID, the spike protein on the surface of the virus. R-107 releases nitric oxide, which attaches to a specific amino acid on the spike protein, thereby disabling the spike protein. The CLA-1816 provides effective pain reduction, without the risks of addiction or respiratory suppression that exist with opioid analgesics. CLA-1816 strongly binds with and activates the alpha3 glycine pain receptor in the spine. The Company has leased a laboratory, office, and archival space in Beverly, Massachusetts.


TSXV:CLAS.H - Post by User

Post by SizzlinSteakson Aug 30, 2018 8:37am
138 Views
Post# 28541203

Kalytera Reports Second Quarter 2018 Financial Results

Kalytera Reports Second Quarter 2018 Financial Results
Kalytera Reports Second Quarter 2018 Financial Results
30 Aug 2018 07:30 ET
 
GlobeNewswire

Kalytera Therapeutics, Inc. (TSX VENTURE: KALY and OTCQB: KALTF) (the "Company" or "Kalytera") today reported financial results for the second quarter of 2018. (All dollars U.S. unless otherwise noted.)

The Company recorded net income of approximately $5.9 million ($0.04 per Common Share) in the second quarter of 2018, compared with a net loss of approximately $1.9 million ($0.01 per Common Share) in the second quarter of 2017. The Company's net income in the second quarter was primarily attributable to an increase of approximately $8.9 million in financial income in connection with convertible equity and debt instruments previously issued to investors, offset by an increase in research and development expenditures of approximately $1.3 million.

Operating Expenses

Research and development expenses increased to approximately $2.3 million in the second quarter of 2018 from approximately $1.0 million in the second quarter of 2017, due primarily to an increase in subcontract research costs incurred in the second quarter of 2018 relating to the advancement of the Company's ongoing Phase 2 clinical trial in the prevention of acute graft versus host disease, and share-based payments, offset by decreases in salaries and benefits, as a result of the separation from the Company by the Company's former Chief Executive Officer in June 2017, and subcontract research costs and laboratory supplies, resulting from the termination of Kalytera's pre-clinical development programs in the treatment of bone disease.

General administration expenditures decreased in the second quarter of 2018 to $760,000 from $890,000 in the second quarter of 2017, due primarily to a decrease in audit costs as a result of filings made in the second quarter of 2017 in connection with the acquisition of Talent Biotechs, Ltd., insurance costs, patent registration costs, office and other general and administrative costs, including communication expenses, a decrease in board member fees as a result of a decrease in the number of the Company's directors, a decrease in salaries and benefits as a result of the separation from the Company by the Company's Chief Executive Officer in June 2017, and investor relations costs, offset by increases in consulting and management fees as a result of discounts on shares recorded in the second quarter upon issuance of Common Shares for payment for services to the Salzman Group and in legal and professional fees associated with the Company's reporting costs and legal fees.

As of June 30, 2018, the Company had cash and cash equivalents of approximately $740,000. On August 8, 2018, the Company announced the closing of a public offering (the "Offering") for aggregate gross proceeds of approximately $3.3 million. On August 16, 2018, the Company's investment bank, Echelon Wealth Partners, exercised its over-allotment option in full, for additional gross proceeds of approximately $500,000. Following the close of the Offering, Kalytera made a cash payment to the former Talent shareholders of approximately $2.0 million.

The Company funds it 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.


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