SALISBURY, United Kingdom and PALO ALTO, Calif., June 22, 2016 (GLOBE NEWSWIRE) -- KalVista Pharmaceuticals Ltd.
(“KalVista”), a privately held biopharmaceutical company, and Carbylan Therapeutics, Inc. (“Carbylan”) (Nasdaq:CBYL), today
announced conference call details to discuss the proposed transaction pursuant to which KalVista will become a wholly owned
subsidiary of Carbylan and the shareholders of KalVista will become the majority owners of Carbylan.
Conference Call Details
Conference Call Friday, June 24th at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time)
KalVista and Carbylan will host a teleconference to discuss the proposed transaction announced on June 24, 2016. The live call may
be accessed by phone by calling (866)-405-1247 (domestic) or (201)-689-8045 (international). Audio may also be accessed on the
Carbylan website in the investor relations section at www.Carbylan.com, or the KalVista website at www.KalVista.com. A replay of the call will be
available for 14 days by phone by calling (877)-660-6853 (domestic) or (201)-612-7415 (international), conference ID 13639956.
About KalVista
KalVista is a pharmaceutical company focused on the discovery, development, and commercialization of small molecule protease
inhibitors for diseases with significant unmet needs. KalVista has developed a proprietary portfolio of small molecule plasma
kallikrein inhibitors targeting hereditary angioedema (HAE) and diabetic macular edema (DME). KalVista’s portfolio of orally
delivered plasma kallikrein inhibitors for HAE is expected to commence Phase 1 clinical trials in the third quarter of 2016.
KalVista’s most advanced program, an intravitreally administered plasma kallikrein inhibitor for DME, has successfully completed
Phase 1 clinical trials in DME patients and is being prepared for a Phase 2 clinical trial. www.KalVista.com
About Carbylan
Carbylan Therapeutics, Inc. is a clinical-stage specialty pharmaceutical company. Carbylan’s initial focus was on the
development of Hydros-TA, its proprietary, potentially best-in-class intra-articular injectable product candidate to treat pain
associated with osteoarthritis of the knee. Carbylan was incorporated in the state of Delaware on March 26, 2004 as Sentrx
Surgical, Inc. Carbylan’s name was changed to Carbylan Biosurgery, Inc. on December 14, 2005 and again to Carbylan Therapeutics,
Inc. on March 7, 2014.
Since commencing operations in 2004, Carbylan has devoted substantially all of its efforts to identifying and developing product
candidates for therapeutic markets, recruiting personnel and raising capital. Carbylan has devoted predominantly all of its
resources to the preclinical and clinical development of, and manufacturing capabilities for, Hydros-TA.
In February 2016, Carbylan announced topline results of COR1.1 trial, a Phase 3 clinical trial comparing treatment with
Hydros-TA to treatment with Hydros and with TA, on a standalone basis. Hydros-TA met the first of its two primary endpoints but did
not meet its second primary endpoint. In April 2016, Carbylan announced that it had suspended further clinical development of
Hydros-TA.
Safe Harbor Statements:
Additional Information about the Proposed Transaction and Where to Find It
In connection with the proposed transaction, Carbylan intends to file with the Securities and Exchange Commission (the
“SEC”) a proxy statement and furnish or file other materials with the SEC. The definitive proxy statement will be sent or given to
the stockholders of Carbylan and will contain important information about the proposed transaction and related matters. BEFORE
MAKING ANY VOTING DECISION, CARBYLAN’S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND THOSE OTHER MATERIALS (INCLUDING ANY
AMENDMENTS OR SUPPLEMENTS THERETO) CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION. The proxy statement and other relevant
materials (when they become available), and any other documents filed by Carbylan with the SEC, may be obtained free of charge at
the SEC’s website at www.sec.gov. In addition, security holders will be able to
obtain free copies of the proxy statement upon written request directed to the Corporate Secretary at 39899 Balentine Drive, Suite
200, Newark, CA 94560, or by phone at (510) 933-8365.
This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer
to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under or applicable exemption from the securities laws of any such
jurisdiction.
Participants in the Solicitation
Carbylan, KalVista and each of their respective directors and executive officers may be deemed to be participants in the
solicitation of proxies from the stockholders of Carbylan in connection with the proposed transaction. Information regarding the
interests of these directors and executive officers in the proposed transaction described herein will be included in the proxy
statement described above. Additional information regarding the directors and executive officers of Carbylan is included in proxy
statement for its 2016 Annual Meeting, which was filed with the SEC on April 28, 2016, and is supplemented by other public filings
made, and to be made, with the SEC by Carbylan.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to,
statements regarding the structure, timing and completion of the proposed transaction; Carbylan’s continued listing on NASDAQ prior
to and after the proposed transaction; expectations regarding the capitalization, resources and ownership structure of the combined
company; expectations regarding the sufficiency of the combined company’s resources to fund the advancement of any development
program or the completion of any clinical trial; the nature, strategy and focus of the combined company; the safety, efficacy and
projected development timeline and commercial potential of any product candidates; the executive officer and board structure of the
combined company; and the expectations regarding voting by Carbylan stockholders. Carbylan, KalVista and KalVista’s shareholders
may not actually consummate the proposed transaction, or any plans or product development goals in a timely manner, if at all, or
otherwise carry out the intentions or meet the expectations or projections disclosed in our forward-looking statements, and you
should not place undue reliance on these forward-looking statements. Because such statements are subject to risks and
uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These
forward-looking statements are based upon Carbylan’s and KalVista’s current expectations and involve assumptions that may never
materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in
such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and
uncertainties associated with stockholder approval of and the ability to consummate the proposed transaction through the process
being conducted by Carbylan and KalVista, the ability to project future cash utilization and reserves needed for contingent future
liabilities and business operations, the availability of sufficient resources for combined company operations and to conduct or
continue planned clinical development programs, the ability to successfully develop any of KalVista’s product candidates, and the
risks associated with the process of developing, obtain regulatory approval for and commercializing drug candidates that are safe
and effective for use as human therapeutics. Risks and uncertainties facing Carbylan are described more fully in Carbylan’s
periodic reports filed with the Securities and Exchange Commission. All forward-looking statements contained in this press release
speak only as of the date on which they were made. Carbylan undertakes no obligation to update such statements to reflect events
that occur or circumstances that exist after the date on which they were made.
Contacts For KalVista: Andrew Crockett +44 1980 753002 info@kalvista.com For Carbylan: David Renzi +1 (510) 933-8365 info@carbylan.com