Claritas Pharmaceuticals Inc V.CLAS.H

update from CEO

[Torontouser]

Following are the steps Kalytera must complete before we can apply to the TSXV for the shares to resume trading:

1. Complete audit of 2019 financial statements (BDO has committed to complete the audit by end of September)
2. File MD&A for FY 2019
3. File MD&A for Q1 2020
4. File MD&A for Q2 2020
5. Apply to BCSC and OSC for revocation of CTO
6. Apply to TSXV for reinstatement

The audit is ongoing with BDO.  We expect it to be complete by end of this month. We expect to file the 3 MD&A's in first week of October, and then apply for reinstatement with the TSXV.

 

After we file the 3 MD&As, we will pursue the following strategy:

1. We will re-position the Company with a new website, and IR/PR campaign
   • The website will focus on the drug that we will acquire from Salzman Group (R-107)
   • IR/PR messaging will focus on R-107
2. We will complete a financing with Echelon and/or Mackie Research
   • It is a condition to TSXV approval of the Salzman Group acquisition that the Company have at least 6-months working capital at close of the acquisition
     • Our 6-months R&D costs will be covered by the BARDA contract, so our 6-month working capital requirement will be for 6-months of G&A costs
   • I anticipate that these financing proceeds will be funded in escrow pending shareholder approval of the Salzman Group acquisition 
3. After the 3 MD&As are filed, we will schedule a shareholder meeting to seek shareholder approval of the Salzman Group acquisition

Regards,

 

Bob

[losingmyshirt]

Yup. We are Fooked.

[Scotty]

Jesus Christ! How incompetent is the management? Are they literally that bad at managing the business or did they run out of money to pay their accountants lol?

[losingmyshirt]

Scotty, What happened was, the guy that was  tasked to keep the lipstick fresh on this pig went back to his former job at the car wash and no one in Kalytera realized that he was gone.. The lipstick came off and there was no one around who noticed and the pig was just another pig. I think I see a pattern here in the stock price. 2017-01-11   $1.60 2017-02-01 $.49 2017-04-24

[Scotty]

Well played sir! But seriously, there is no way they didn't know all of this was coming months if not years in advance. The GVHD debacle, their finances not being in order, the hard switch to a covid "miracle". If they manage to get shareholder approval to RS 20:1 or even 10:1, this will tank so fast it'll make our current losses look like good times.

[losingmyshirt]

Scotty, It will be interesting to see how this plays out. I got in at .39 but have averaged down to about $.12. Luckily, I am stuck with only 200K shares so the loss is easy to absorb. I have always invested in semi legit companies because as you would know, no risk, no gain..   This one smacks of a No Gainer. The only way out (assuming that they are not delisted) is for a whole new

[Scotty]

You are 100% correct. I'm torn, it's super unethical to lure new investors in just to save ours, but it seems to be a zero sum game at this point. I'll take KLY's lead and just say screw it! It's all about fleecing the new blood! KLY WILL MAKE YOU MILLIONS!@!!!!#@#!@$@!$@!!!!

[JMark80]

$24,000 is still a significant amount of money. They had a decent pipeline a few years ago when cannabinoid companies were still in favour (did you see all the indications they shelved? This time it's different! I swear!!), but had completely incompetent mgmt. They were undercapitalized, and became asset-centric. They didn't forecast development costs, market size, etc. They wasted two

[JMark80]

I'm telling you like you don't aleady know. Ha, sorry!

[LOLROFLMAO]

Hmmm... Are you hinting the beginning of 2021 will be the start of a lipstick year?

[JMark80]

Both, terrible management and they ran out of money.