Kalytera Therapeutics Inc. Completes Name Change to Claritas Pharmaceuticals, Inc.

Rhea-AI Summary

Kalytera Therapeutics has rebranded to Claritas Pharmaceuticals, signaling a renewed focus on developing R-107, a nitric oxide-releasing drug targeting vaccine-resistant COVID-19 and other viral infections. The company's new ticker symbol will be CLAS, pending approval from the TSX Venture Exchange. An annual and special meeting is set for June 17, 2021, to discuss corporate strategies and various shareholder votes, including the potential consolidation of common shares and approval for asset transfers related to the GVHD Program.

Positive

• Rebranding to Claritas Pharmaceuticals reflects a strategic focus on R-107 for treating vaccine-resistant COVID-19.
• New ticker symbol CLAS will help in re-establishing market presence.
• Annual meeting scheduled for June 17, 2021, to engage with shareholders on future strategies.

Negative

• The potential share consolidation could dilute existing shareholder value.
• Approval from TSX Venture Exchange for the name change and ticker symbol is still pending, creating uncertainty.

Company to Hold Annual and Special Meeting on June 17, 2021

SAN FRANCISCO, April 02, 2021 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSX VENTURE EXCHANGE: KLY and OTC: KALTF) (the "Company" or "Kalytera") today announced that the Company has changed its name to Claritas Pharmaceuticals, Inc.

The decision to rename the Company signals the re-launch of the Company, and its intent to focus on the development of its proprietary drug, R-107, for the treatment of vaccine-resistant strains of COVID-19 as well as other viral infections. R-107 is a nitric oxide-releasing molecule designed to treat vaccine-resistant COVID-19 infection as well as the viruses that cause influenza and the common cold.

The Company’s ticker symbol will change as a result of the name change. The new ticker symbol will be CLAS, pending final approval of the TSX Venture Exchange which is anticipated early next week.

Shareholders will receive letters of transmittal from the Company’s transfer agent, which will also be posted on SEDAR, and which can be used to exchange their current share certificates for certificates with the Company’s new name. Shareholders holding shares in electronic form need not take any action. All shareholders should refer to the letter of transmittal and instructions from their broker/dealer.

The Company’s new CUSIP and ISIN numbers for the Company’s active listed securities under its new name are:

• Common shares: ISIN: CA1806341071 ; CUSIP: 180634107
• Warrants designated as WT: ISIN: CA1806341154 ; CUSIP: 180634115
• Warrants designated as WTS22: ISIN: CA1806341238 ; CUSIP: 180634123
  

The Company also announced today that it is holding its annual and special meeting of shareholders on June 17, 2021 (together with any adjournment or postponement thereof, the “Meeting”). The record date for the Meeting is April 28, 2021. Only shareholders of record at the close of business on April 28, 2021, may vote at the Meeting. The Company's proxy statement will be sent to shareholders of record and will describe the matters to be voted upon. Only shareholders of record at the close of business on April 6, 2021, may vote at the meeting. The Company's proxy statement will be sent to shareholders of record and will describe the matters to be voted upon. The Meeting will begin at 9:00 a.m. Pacific Time and will include an update on the Company's operations and business strategy. For the convenience of shareholders, shareholders may view the Meeting live via a webcast. The link for the webcast will be included in shareholder materials, and will also be posted on the Company’s website in the investors section.

At the Meeting, shareholders will be asked to vote on the election of directors; the appointment of the Company’s auditors; and the renewal of the Company’s rolling 10% stock option plan. Shareholders will also be asked to consider and vote on a resolution that would approve a special resolution authorizing the Company to transfer and sell to the former shareholders of Talent Biotechs Ltd. (the “Former Shareholders”) all assets of the Company’s program developing cannabidiol for the prevention and treatment of graft versus host disease (the “GVHD Program”) in consideration for the release and discharge by the Former Shareholders of all obligations the Company and its subsidiaries have to such Former Shareholders. In addition, shareholders will also be asked to consider and vote on a resolution that would authorize the board of directors of the Company (the “Board”) to implement, at a later date, a potential consolidation (the “Potential Consolidation”) of the Company’s common shares (the “Common Shares”) on the basis of a ratio of one post-consolidation Common Share to up to 20 pre-consolidation Common Shares (or a lower number of pre-consolidation Common Shares as may be determined by the Board).

The Company is seeking authority to complete a Potential Consolidation at a later date if and when it is in the best interests of the Company to do so, but the Board has not made a decision to implement a Potential Consolidation at this time. Even if the Potential Consolidation is approved by shareholders at the Meeting the Board will have the discretion to not proceed with the Potential Consolidation. If the Board decides to proceed with the Potential Consolidation, the purpose for doing so would be to generate interest in the Company among certain investors, to comply with the pricing policies of the TSX Venture Exchange (the “TSXV”), to improve the trading liquidity of the Common Shares and to reduce volatility in the price of the Common Shares.

In addition to shareholder approval, the Potential Consolidation is subject to the approval of the TSXV. If the Potential Consolidation were to be implemented today at the maximum authorized consolidation ratio, the 571,027,592 currently issued and outstanding Common Shares would be consolidated into 28,551,380 Common Shares. Additional information on the Potential Consolidation, and the risks associated therewith, can be found in the management information circular of the Company that will be sent to Claritas shareholders in connection with the Meeting and will be available on the Company’s SEDAR profile

About Claritas Pharmaceuticals
Claritas Pharmaceuticals, Inc. is a clinical stage biopharmaceutical company focused on developing and commercializing therapies for patients with significant unmet medical needs. Claritas focuses on areas of unmet medical need, and leverages its expertise to find solutions that will improve health outcomes and dramatically improve people's lives.

• Website Home: https://claritaspharma.com/
• News and Insights: https://claritaspharma.com/news/
• Investors: https://claritaspharma.com/investors/
  

Cautionary Statements
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.

This press release may contain certain forward-looking information and statements ("forward-looking information") within the meaning of applicable Canadian securities legislation, that are not based on historical fact, including without limitation in respect of its product candidate pipeline, planned clinical trials, regulatory approval prospects, intellectual property objectives, and other statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions. 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 depending on, among other things, the risk that future clinical studies may not proceed as expected or may produce unfavorable results. Claritas undertakes no obligation to comment on analyses, expectations or statements made by third parties, its securities, or financial or operating results (as applicable). Although Claritas believes that the expectations reflected in forward-looking information in this press release are reasonable, such forward-looking information has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond Claritas’ control. The company’s name change has not yet been affected and the company believes that it will affect the name change subject to regulatory compliance as soon as practicable after this news release. The forward-looking information contained in this press release is expressly qualified by this cautionary statement and is made as of the date hereof. Claritas disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. 

Contact Information
Robert Farrell
President, CEO
(888) 861-2008
info@claritas.co

FAQ

What is the new ticker symbol for Kalytera Therapeutics?

The new ticker symbol for Kalytera Therapeutics, now known as Claritas Pharmaceuticals, is CLAS.

When is the annual and special meeting for shareholders?

The annual and special meeting is scheduled for June 17, 2021.

What is R-107 developed by Claritas Pharmaceuticals?

R-107 is a nitric oxide-releasing molecule aimed at treating vaccine-resistant COVID-19 and other viral infections.

What changes will occur due to the rebranding of Kalytera?

The company has rebranded to Claritas Pharmaceuticals and is focusing on R-107's development.

What is the purpose of the potential share consolidation?

The potential share consolidation aims to enhance trading liquidity and reduce volatility in share prices.