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.
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.
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.
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.