Kalytera Therapeutics, Inc. (TSXV: 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 June 30, 2017. (All dollars U.S. unless otherwise noted.)
Second Quarter 2017 Result Highlights
As of June 30, 2017, the Company had cash and cash equivalents of $1.5 million, compared with $0.7 million as of December 31, 2016.
As of August 21, 2017, Kalytera had 129,235,053 common shares outstanding.
Research and development expenses were $1 million for the quarter ended June 30, 2017 compared with $0.7 million for the quarter ended June 30, 2016.
The increase in research and development expenses from the same period last year was due in part to laboratory and regulatory consulting expenses incurred in preparation for the Company’s planned Phase 2 clinical study to evaluate cannabidiol (“CBD”) in the prevention of GvHD. The Company is reviewing a number of alternatives to further finance this study, including discussions with certain potential sources of debt or equity financing, though there can be no assurance at this time that any such financing will be successfully obtained or available on favourable terms.
General and administrative expenses were $0.9 million for the quarter ended June 30, 2017 compared with $0.4 million for the quarter ended June 30, 2016. The increase resulted primarily from a higher level of operations.
Net loss for the quarter ended June 30, 2017 was $1.9 million compared with a net loss of $1.1 million for the quarter ended June 30, 2016.
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.
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.