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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index rose 7.99 points to 534.38 Friday. Kalytera Therapeutics Inc. (KLY) remained unchanged at five cents on 1.28 million shares after releasing its second quarter results late last night. The company, which is in the midst of CBD drug trials, spent $1.9-million (U.S.) on research and development (R&D) in the second quarter. Kalytera is tight on cash, so investors will be keeping an eye on the company's financial position. As of the end of the second quarter, Kalytera had negative working capital of $3.9-million with cash/cash equivalents of $822,000. The company also arranged a $1.5-million financing on Aug. 21 to give it some much-needed cash. The financing was on favourable terms to investors, which suggests that it is not easy for Kalytera to raise capital. Specifically, Kalyera will issue up to 30 million units through the financing; each unit will consist of one share and one warrant. What makes the terms favourable for investors is that one warrant is exercisable into one share at five cents (Kalytera's stock price at the time of the financing) for three years.

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