VANCOUVER, British Columbia, May 31, 2017 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSX-V:KALY)
(OTCQB:KALTF), a clinical-stage pharmaceutical company developing cannabinoid therapeutics for Graft versus Host Disease (“GvHD”), today reported
financial results for the quarter ended March 31, 2017. (All dollars U.S. unless otherwise noted.)
First Quarter 2017 Result Highlights
Working capital totaled $1.8 million, including cash and cash equivalents of $3.1 million, as of March 31, 2017, compared with
$2.9 million and $673,000, respectively, as of December 31, 2016.
The Company’s March 31, 2017 cash balance was $3.1 million (unaudited) and reflects its February 2017 equity private placement
of CDN$15 million, of which USD$10 million was invested in its acquisition of Talent Biotechs in that same month.
As of May 29, 2017, Kalytera had 129,235,073 common shares outstanding.
Research and development expenses were $404,000 for the quarter ended March 31, 2017 compared with $157,000 for the same period
in 2016.
General and administrative expenses were $1.2 million for the quarter ended March 31, 2017 compared with $392,000 for the same
period in 2016. The increase resulted primarily from a higher level of operations.
Net loss for the quarter ended March 31, 2017 was $1.6 million compared with a net loss of $549,000 for the same period in
2016.
Recent Development
Kalytera’s Board of Directors has appointed Gary Leong as a member of the Audit Committee to serve until the conclusion of the
next annual meeting of shareholders.
| INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION |
|
| |
|
|
|
| Kalytera Therapeutics, Inc. |
|
|
|
| U.S. dollars in thousands |
March 31, |
|
December 31, |
| |
|
2017 |
|
|
2016 |
| |
Unaudited |
|
Audited |
| ASSETS |
|
|
|
| Current assets: |
|
|
|
| Cash and cash equivalents |
$ |
3,136 |
|
$ |
673 |
| Other receivables and prepaid expenses |
|
379 |
|
|
4,141 |
| Non-current assets: |
|
|
|
| Investment in Talent Biotechs Ltd. |
|
16,258 |
|
|
- |
| Total assets |
$ |
19,773 |
|
$ |
4,814 |
| |
|
|
|
| LIABILITIES AND EQUITY |
|
|
| Total current liabilities |
|
1,705 |
|
|
1,897 |
| Total equity |
|
18,068 |
|
|
2,917 |
| Total liabilities and equity |
$ |
19,773 |
|
$ |
4,814 |
| |
|
|
|
| |
|
|
|
INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
|
Three months
ended |
| U.S. dollars in thousands, except share and per share
data |
March 31, |
|
March 31, |
| |
|
2017 |
|
|
|
2016 |
|
| |
Unaudited |
|
Unaudited |
| Operating expenses: |
|
|
|
| Research and development |
$ |
404 |
|
|
$ |
157 |
|
| General and administrative |
|
1,209 |
|
|
|
392 |
|
| Total operating expenses |
|
1,613 |
|
|
|
549 |
|
| Loss from operations |
$ |
(1,613 |
) |
|
$ |
(549 |
) |
| Other expense: |
|
|
|
| Finance expense, net |
|
8 |
|
|
|
- |
|
| Loss before income taxes |
|
(1,621 |
) |
|
|
(549 |
) |
| Income taxes |
|
- |
|
|
|
- |
|
| Net loss and comprehensive loss |
$ |
(1,621 |
) |
|
$ |
(549 |
) |
| Basic and diluted loss per share |
$ |
(0.02 |
) |
|
$ |
(0.02 |
) |
| Weighted average number of Common shares outstanding |
|
105,907,664 |
|
|
|
27,071,521 |
|
| |
|
|
|
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS |
Three months
ended |
| |
March 31, |
|
March 31, |
| U.S. dollars in thousands |
|
2017 |
|
|
|
2016 |
|
| |
Unaudited |
|
Unaudited |
| |
|
|
|
| Net loss |
$ |
(1,621 |
) |
|
$ |
(549 |
) |
| Net cash used in operating activities |
|
(2,130 |
) |
|
|
(337 |
) |
| Net cash used in investing activities |
|
(10,000 |
) |
|
|
- |
|
| Net cash provided by financing activities |
|
14,593 |
|
|
|
230 |
|
| |
|
|
|
| Increase (decrease) in cash and cash equivalents |
|
2,463 |
|
|
|
(107 |
) |
| Cash and cash equivalents at the beginning of the period |
|
673 |
|
|
|
622 |
|
| Cash and cash equivalents at the end of the period |
$ |
3,136 |
|
|
$ |
515 |
|
| |
|
|
|
| Non-cash transactions: |
|
|
|
| Issuance of common shares upon acquisition of Talent Biotechs Ltd. |
$ |
6,258 |
|
|
$ |
- |
|
About Kalytera Therapeutics
Kalytera Therapeutics is a clinical-stage pharmaceutical company developing cannabinoid therapeutics. Through its proven
leadership, drug development expertise, and growing intellectual property portfolio, Kalytera seeks to establish a leading position
in the development of novel cannabinoid medicines for a range of important unmet medical needs, with an initial focus on Graft versus Host Disease (“GvHD”).
Kalytera is also developing proprietary cannabidiol (“CBD”) prodrugs intended for
commercialization as FDA and EMEA-approved prescription medications. CBD has shown activity against a number of pharmacological
targets. However, there are limitations associated with CBD, including its poor oral bioavailability. Kalytera’s CBD prodrugs have
been designed to overcome these limitations. In addition to licensed IP rights, Kalytera has filed composition of matter and method
of use patents covering its inventions to reinforce its position in the market.
Safe Harbor
This news release contains “forward-looking information” within the meaning of applicable securities laws, including in respect
of its product candidate pipeline, planned clinical trials, regulatory approval prospects, intellectual property objectives,
management goals, capital raising abilities and other statements included in this news release of a forward-looking nature.
Although Kalytera believes in light of the experience of its officers and directors, current conditions and expected future
developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking
information are reasonable, undue reliance should not be placed on them because Kalytera can give no assurance that they will prove
to be correct. 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. The statements in this press release are made as of the date of
this release. Kalytera undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect
of Kalytera, its securities, or its respective financial or operating results (as applicable). Kalytera disclaims any intent or
obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or
otherwise, other than as required by applicable securities laws.
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.
Company Contact Robert Farrell President, COO and CFO Phone: (888) 861-2008 Email: ir@kalytera.co
