SAN FRANCISCO and TEL AVIV, Israel, Feb. 26, 2019 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSX VENTURE:
KALY and OTCQB: KALTF) (the "Company" or "Kalytera") today announced that the Company has elected
to issue 15,262,540 common shares of the Company (“Common Shares”) to The Salzman Group in payment of invoices
issued under the payments agreement with The Salzman Group previously announced on December 7, 2017 (the “December 2017
Agreement”) and the additional payments agreement announced on June 15, 2018, as amended (the “June 2018
Agreement”). Under the December 2017 Agreement, The Salzman Group provides, among other services, clinical study
management services in relation to the Phase 2 study evaluating the use of cannabidiol in the prevention of graft versus host
disease. Under the June 2018 Agreement, which expires on March 1, 2019, The Salzman Group and its affiliates provide general and
administrative support services, study set-up work for planned studies in connection with use of CBD in treatment of GVHD, services
relating to clinical studies to evaluate effects of food on the pharmacokinetics of CBD and any drug-drug interactions with CBD,
services relating to studies in connection with use of CBD in prevention of GVHD and other studies involving CBD, and research and
development work in connection with Kalytera’s exclusive license of cannabidiol-naproxen conjugates for treatment of pain.
The invoiced amounts to be paid in Common Shares to The Salzman Group total to the amount of US$729,877 (or
C$961,539.96 based on the daily average exchange rate for February 25, 2019 published by the Bank of Canada). The number of
Common Shares to be issued is based on a deemed issue price of C$0.063 per Common Share, being 90% of the closing price of the
Common Shares on the TSXV on February 25, 2019, the trading day prior to the Company’s election to pay the invoiced amounts in
Common Shares. The Common Shares are expected to be issued to The Salzman Group on or about February 26, 2019.
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 and the risk that required regulatory approvals may not be obtained. 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
Robert Farrell
President, CEO
(888) 861-2008
info@kalytera.co
