Kalytera Therapeutics’ stock up 27%2 min read
Kalytera Therapeutics (KALY: TSXV) exploded 27.91% to close at $0.55 on heavy volume of 3,915,691 shares traded. Wednesday’s trading action was a much-needed rebound following days of declines for the small-cap medical marijuana-related company.
Kalytera Therapeutics’ volatile trading action
Since going public on January 11th, under incredible speculation from the investment community, Kalytera has fallen more than 75% in value from its peak.
Kalytera – 3 Month Chart
Kalytera’s move Wednesday made it the best performing stock in February’s Stock Challenge. The medical marijuana sector remains the most liquid on the TSX Venture as Canadian retail investors rush into these newly listed issuers.
Kalytera Therapeutics is pioneering the development of the next generation of cannabinoid therapeutics. The company is hoping 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. The company explains that,
“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 and short half-life. 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.”
To read more about the company, visit its website here.
Kalytera traded between a low of $0.87 and a high of $1.60 on January 11th, 2017, the day its shares began trading on the TSX Venture. Despite this, the company announced on January 24th a revised and upsized private placement terms. The company reported:
“The Offering has been upsized and will now include up to 33,333,333 common shares, at a revised price per Share of $0.45, for revised aggregate gross proceeds of up to $15,000,000.”
Click here to read the entire press release.
On February 7th, Kalytera Therapeutics closed the first tranche of its previously announced brokered private placement offering of common shares. The First Tranche closing consisted of the issuance of 29,833,300 Common Shares at a price of CDN$0.45 per Common Share for gross proceeds of CDN$13,424,985.
Click here to read more about the recently closed financing.
February’s Stock Challenge update
The returns in the first two weeks of February have been solid. All members are chasing past Stock Challenge Champ ‘joeyg48‘ and his 49.01% combined average return. With two full weeks remaining in February, it remains anyone’s game.
There are only two past Stock Challenge Champs in the Top 20.