VANCOUVER, British Columbia, May 02, 2017 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSXV:KALY) (OTCQB:KALTF), a clinical-stage biopharmaceutical company developing cannabinoid-derived therapeutics for Graft versus Host Disease (“GvHD”) and certain other disorders, today reported its Fiscal Year 2016 results and provided a corporate update and outlook for 2017. (All dollars U.S. unless otherwise noted.)
- Plans clinical trial on its CBD product candidate for GvHD in H2 2017; to be completed over the next 18 months
- Expects to advance at least one of its CBD prodrugs into Phase 1 human clinical testing over the next 18 months
- $2.9 million in working capital as of December 31, 2016
- CEO: ‘Kalytera positioned to become a market leader in CBD pharmaceutical R&D’
Fiscal Year 2016 Result Highlights
Working capital totaled $2.9 million, including cash and cash equivalents of $673,000, as of December 31, 2016 compared with $422,000 and $622,000, respectively, as of December 31, 2015.
Subsequent to year-end, the Company’s March 31, 2017 cash balance was $2.69 million (unaudited) and reflects its February 2017 equity private placement of CDN$15 million, approximately CDN$13.5 million (USD$10 million) of which was invested in its acquisition of Talent Biotechs in that same month.
As of May 1, 2017, Kalytera had 129,235,073 common shares outstanding.
Research and development expenses were $1.6 million for the full year ended December 31, 2016 compared with $629,000 for the same period in 2015.
General and administrative expenses were $3.45 million for the full year ended December 31, 2016 compared with $775,000 a year ago. The increase resulted primarily from a higher level of operations as well as certain one-time expenses allocated from its Canadian going public transaction in the fourth quarter of 2016.
Net loss for the year ended December 31, 2016 was $(11.55 million) compared with a net loss of $(1.4 million) for 2015. The 2016 net loss reflects $6.9 million in one-time expenses associated with its going public transaction in the fourth quarter of 2016.
(Financial tables follow the narrative section, below.)
Kalytera Corporate Update
Kalytera’s December 30, 2016 transition to a publicly traded company on the TSXV was an important milestone. The Company would like to thank its long-term shareholders for their support, welcome its hundreds of new shareholders, and on the occasion of its first fiscal year report as a public company, take this opportunity to discuss its market position, strategy and goals for 2017.
2016: Establishing the Foundation
