Kalytera Announces Change of Auditor

| Source: Kalytera Therapeutics Inc. Kalytera Therapeutics Inc.

SAN FRANCISCO, Aug. 31, 2020 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSX VENTURE: KLY and OTC: KALTF) (the "Company" or "Kalytera") announced today that Kost Forer Gabbay & Kasierer/Ernst & Young Global (“E&Y”) have, at the request of the Company, resigned as auditors of the Company, effective August 20, 2020. The Company further announced that the Board of Directors has appointed BDO/BDO Israel (“BDO”) as auditors of the Company effective August 20, 2020. 

Commenting on the change, the Company’s President & CEO, Robert Farrell stated: “The decision to change auditors was based solely on the Company’s need to complete its outstanding audit as soon as practicable. Scheduling issues with E&Y would have caused delays in the resumption and completion of the audit on their end, and, as a result, E&Y could not commit to complete the audit prior to October 31. BDO has committed to complete the audit by the end of September, so, for this reason the decision was made to engage BDO. Management and the Board of Directors of the Company thank E&Y for their service and look forward to completing the audit with BDO.”

The resignation of E&Y and the appointment of BDO were considered and recommended by the Audit Committee and approved by both the Board of Directors and the Audit Committee. There were no reservations or modified opinions in E&Y’s reports in connection with the financial statements relating to the relevant period during which E&Y was the Company’s auditor. There are no “reportable events” (as defined in Section 4.11 of NI 51-102) between the Company and E&Y or with respect of the change. The Company's Audit Committee and Board of Directors have reviewed the Notice of Change of Auditors, together with the letter from E&Y and the letter from BDO, all of which are posted on the Company’s SEDAR profile accessible at www.sedar.com.

About Kalytera Therapeutics

Kalytera Therapeutics, Inc. ("Kalytera") is committed to developing new treatments for a variety of diseases and disorders, by discovering, developing, manufacturing and delivering innovative human therapeutics. Kalytera 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.

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 the timing of the completion of any audit or related tasks 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. 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 is expressly qualified by this cautionary statement and is 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.

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