Claritas Secures $5 Million Equity Financing Facility With Alumina Partners (Ontario) Ltd.

Jan 12, 2022•over 3 years ago

Amount Raised

$5 Million

San Francisco

Description

Claritas Pharmaceuticals, Inc. (TSX VENTURE: CLAS and OTC: KALTF) (the "Company" or "Claritas") is pleased to announce it has entered into an agreement (the “Agreement”) with Alumina Partners (Ontario) Ltd. (“Alumina”), an affiliate of Alumina Partners, LLC, a New York based private equity firm, under which Alumina has agreed to provide, at the option of the Company, up to $5 million in equity financing over a period of 2-years.

Company Information

Company

Claritas

Location

San Francisco, California, United States

About

The Agreement will provide Claritas with two-years of working capital, with initial proceeds allocated to the remaining costs of the Phase 1 clinical study of R-107, which the Company expects to complete in Q1 2022.Future proceeds will be allocated to the costs of the Phase 2a study of R-107 in pulmonary arterial hypertension (“PAH”), which the Company expects to initiate by Q3 2022; and the Phase 2a study of R-107 in persistent pulmonary hypertension of the newborn (“PPHN”), which the Company expects to initiate by year-end 2022.Under Alumina is prepared to provide up to $5 million of working capital to ensure that the Company can deliver on this potential. Claritas is currently developing R-107, its proprietary nitric oxide-releasing compound, for the treatment of COVID-related lung diseases, including COVID-related ARDS, and COVID-related sepsis, as well as for the treatment of PAH and PPHN.