SAN FRANCISCO & TEL AVIV, Israel--(BUSINESS WIRE)--Kalytera Therapeutics, Inc. (TSX VENTURE: KALY and OTCQB: KALTF) (the "Company" or "Kalytera") is pleased to announce that Robert Farrell, J.D., has been appointed as the Company's Chief Executive Officer ("CEO"). Mr. Farrell previously held the position of Interim CEO.

Mr. Farrell has more than 25 years of experience in the pharmaceutical, biotechnology and medical device sectors. Prior to joining Kalytera, Mr. Farrell worked as an executive officer with the Institute for One World Health, an affiliate of the Bill and Melinda Gates Foundation. Mr. Farrell has held senior positions with publicly listed companies in the pharmaceutical and biotechnology industries, including Titan Pharmaceuticals, where he served as President and CEO from 2008 to 2010, and as Chief Financial Officer from 1996 to 2008. Mr. Farrell received a law degree (J.D.) from the University of California, and his undergraduate degree (B.A.) from the University of Notre Dame.

Changes to the Company's Board and Management Team

Mr. Pini Ben-Elazar, who served as a member of the Company's Board of Directors since March 2017, has submitted his resignation from the Board of Directors, and the Company has accepted the resignation of Mr. David Bassa, who served as the Company's Chief Operating Officer.

“I would like to thank Mr. Ben-Elazar and Mr. Bassa for their contributions to Kalytera, including their guidance and advice regarding the Company's GVHD program,” said Mr. Farrell. "We are now on track to advance our GVHD Program into a Phase 2 study that we anticipate can be completed in approximately eight months, at which time we will be positioned to initiate the pivotal Phase 3 study required for FDA approval.”

About Kalytera Therapeutics

Kalytera Therapeutics, Inc. ("Kalytera") is pioneering the development of a next generation of cannabinoid therapeutics. Through its proven leadership, drug development expertise, and 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. Kalytera is focused first on 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 natural CBD, including its poor oral bioavailability. Kalytera is developing innovative CBD formulations and prodrugs in an effort to overcome these limitations, and to target specific disease sites within the body. Kalytera intends to file composition of matter and method of use patents covering its novel inventions, with the goal of limiting future competition.

Cautionary Statements

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 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. This press release also contains information relating to Anson Funds, which has not been independently verified by Kalytera. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risk of failure to obtain final approval of the TSX Venture Exchange. Kalytera undertakes no obligation to comment on analyses, expectations or statements made by third-parties, its securities, or financial or operating results (as applicable). Although Kalytera 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 Kalytera's control. The forward-looking information contained in this press release are expressly qualified by this cautionary statement and are made as of the date hereof. Kalytera 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.