Kalytera Therapeutics closes brokered private placement of convertible debenture units
On December 20, 2017, Kalytera Therapeutics, Inc. ("Kalytera") announced the closing of its previously announced brokered private placement offering of convertible debenture units at a price of C$1,000 per convertible debenture unit.
Pursuant to the offering, Kalytera issued a total of C$5,750,000 of 9.0% senior secured convertible debentures and 22,114,500 common share purchase warrants. The debentures are convertible, and the warrants are exercisable, at the option of the holder into common shares of Kalytera at any time prior to the close of business on December 20, 2019 at a conversion or exercise price, respectively, of C$0.13 per common share, subject in each case to acceleration in certain circumstances.
Echelon Wealth Partners Inc. acted as agent for and on behalf of Kalytera in connection with the offering.
The net proceeds of the offering will be used by Kalytera to advance its Phase 2 clinic program evaluating the use of cannibidiol in the prevention of graft versus host disease, as well as for general corporate purposes. Completion of Kalytera's Phase 2 program will be required by the U.S. Food and Drug Administration prior to the initiation of a pivotal Phase 3 study.
Kalytera Therapeutics is a clinical-stage pharmaceutical company pioneering the development of a next generation of cannabinoid therapeutics.
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