SAN FRANCISCO and TEL AVIV, Israel, March 14, 2018 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSX VENTURE:KALY)
(OTCQB:KALTF) (the "Company" or "Kalytera") today announced that it has granted stock options on
March 13, 2018 to certain officers of the Company. The stock options have an exercise price of $0.34 per common share and
expire ten years from the date of grant. Stock options to purchase 650,000 common shares of Kalytera were issued to Dr. Sari
Prutchi-Sagiv, the Chief Scientific Officer of the Company, and stock options to purchase 750,000 common shares of Kalytera were
issued to Dr. Moshe Yeshurun, the Chief Medical Officer of the Company. One-quarter of the options granted will vest on June
15, 2018 (in the case of Dr. Prutchi-Sagiv) or July 15, 2018 (in the case of Dr. Yeshurun) and the remaining options will vest in
thirty-six (36) equal monthly installments following the initial vesting date.
The Company also announced that the TSX Venture Exchange (the “TSXV”) has approved, and the
Company has completed, a settlement of certain debt previously owing to a service provider through the issuance of common shares to
the service provider. This transaction was previously announced on January 11, 2018, and involved debt owing of
US$76,000 (or C$94,969.60 based on the daily average exchange rate for January 10, 2018 published by the Bank of Canada).
This debt was extinguished through the issuance of 328,614 Common Shares, based on a deemed issue price of C$0.289 per Common
Share, being 85% of the closing price of the Common Shares on the TSXV on January 11, 2018.
About Kalytera Therapeutics
Kalytera Therapeutics, Inc. ("Kalytera") is pioneering the development of a next generation of
cannabinoid therapeutics. Through its proven leadership, drug development expertise, and 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 also intends to develop a new class of proprietary cannabidiol ("CBD") therapeutics.
CBD is a versatile compound that has shown activity against a number of pharmacological targets. However, there are limitations
associated with natural CBD, including its poor oral bioavailability. Kalytera will seek to develop innovative CBD formulations and
prodrugs in an effort to overcome these limitations, and to target specific disease sites within the body. Kalytera intends to file
composition of matter and method of use patents covering its novel inventions, with the goal of limiting future competition.
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 are expressly qualified by this cautionary statement and are 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
