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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kalytera Therapeutics | TSXV:KALY | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.05 | 0.045 | 0.05 | 0 | 01:00:00 |
IIA, formerly known as the Office of the Chief Scientist of the Ministry of Economy (or “MATIMOP”), which is responsible for the country’s innovation policy, is an independent and impartial public entity that operates for the benefit of the Israeli innovation ecosystem and Israeli economy as a whole.
Many of the world’s top-tier biopharmaceutical scientists, CROs and expert research facilities specializing in cannabis are located in Israel, including several of Kalytera’s senior scientific staff and advisors. Accordingly, Israel is widely acknowledged as the global center for FDA and EMEA-compliant pharmaceutical research on cannabis and its molecular constituents such as CBD. It is the ideal location for Kalytera, whose business model is to develop cannabidiol-derived, FDA-approved medicines for global distribution.
Kalytera has applied for the grant to support further development of its portfolio of novel cannabidiol prodrugs, all of which were invented by Kalytera. Kalytera’s CBD prodrugs are listed below:
In addition to its portfolio of prodrugs, the Company is developing a portfolio of CBD analogue or synthetic derivative drugs for the treatment of bone disease or disorders:
In the U.S., bone fractures account for an estimated 10.2 million visits to hospitals and physician offices. Worldwide, more than 50 million fractures occur every year. Osteoporosis is the most common cause of fractures and the prevalence of it and low bone mass is expected to increase in coming years due primarily to the aging of the population.
The Company anticipates receiving a decision from the IIA on its grant application in the third quarter of this year. The grant, if approved, will be non-dilutive to shareholders in the form of a conditional, non-recourse loan to be paid back from future royalties.
Commenting on its recent IIA grant application, Dr. Andrew L. Salzman, CEO of Kalytera, said, “Kalytera is developing an entirely new generation of CBD-derived medicines -- for FDA and EMEA pathways to commercialization -- offering increased efficacy and far less side effects (improved safety profile) to treat serious and chronic disease. Our science is viewed favorably by the biotechnology industry and is a strong candidate for grants such as those offered by the IIA.
“We have a world-class management team, and Boards of Directors and Advisors, composed of cannabis biotech industry leaders in Israel and the US enabling Kalytera to capitalize on opportunities worldwide to bring our proprietary pipeline of drugs to clinical stage and commercialization,” he added. “Concurrently with our research on the prodrugs and synthetic compounds, we are advancing our clinical research on CBD to treat GvHD, whose data from a recent Phase 2a study announced February 22, were encouraging.”
About KalyteraKalytera (TSXV:KALY) is a clinical-stage pharmaceutical company pioneering the development of a next generation of 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 a new class of proprietary cannabidiol (“CBD”) therapeutics. CBD is a remarkable compound that has shown activity against a number of pharmacological targets. However, there are limitations associated with CBD, including its poor oral bioavailability which greatly limits the efficacy of medical marijuana edible products that contain a high level of CBD.
Kalytera is developing innovative CBD formulations and prodrugs intended for commercialization as FDA and EMEA-approved prescription medications in an effort to overcome these limitations, and to target specific disease sites within the body. Kalytera has filed composition of matter and method of use patents covering its novel inventions to reinforce its barriers to entry.
Safe HarborThis news release may contain “forward-looking information” within the meaning of applicable securities laws. 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.
Company Contact Robert Farrell President, COO and CFO Phone: (888) 861-2008 Email: ir@kalytera.co
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