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Shell Summary for Dec. 1, 2016

2016-12-01 21:02 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 2.57 points to 739.54 Thursday. Andy DeFrancesco's halted NEX shell, Santa Maria Petroleum Inc. (SMQ), which is working on its acquisition of Kalytera Therapeutics Inc., has identified the director nominees for its resulting issuer. Kalytera is a cannabinoid drug developer based in Manhattan Beach, Calif. To acquire Kalytera, the shell will roll back 1 for 2.3, leaving it with 15,220,161 postconsolidated shares issued, then issue 32,996,752 postconsolidated shares to Kalytera's shareholders. Santa Maria Petroleum will hold a meeting on Dec. 12 to seek shareholder approval for the acquisition and to elect the proposed directors.

Kalytera is conducting preclinical trials in Israel for cannabinoid treatments for bone fractures and bone diseases (such as osteogenesis imperfecta and osteoporosis). It was founded in 2014 by Seth Yakatan and David Stefansky, who are both proposed directors of the resulting issuer. Mr. Yakatan is a co-founding partner at Katan Associates Inc., a corporate finance firm in Hermosa Beach, Calif. He is also a co-founder and the vice-president of business development at Australian drug developer Invion Ltd. Invion is working on drug treatments (not cannabis based) for airway inflammation and other types of inflammation. It trades on the Australian Securities Exchange and last closed at 0.3 Australian cent. Two years ago, it was at 8.4 Australian cents. Mr. Yakatan is also a director of the OTC Pink-listed FitLife Brands Inc. (FTLF: $1.04 (U.S.)), a maker of nutritional supplements. Previously, he was a VP of lending at Union Bank of California NA (now called MUFG Union Bank NA). Mr. Yakatan's colleague, Mr. Stefansky, is a principal of Bezalel Capital Partners LLC, a capital advisory firm and merchant bank in New Jersey. Previously, he founded and managed a New York private equity firm called Harborview Capital Advisors LLC. From May, 2010, to July, 2014, Mr. Stefansky was a director of Nasdaq-listed Alliqua BioMedical Inc. (ALQA: $0.64 (U.S.)), a maker of wound care and tissue repair products.

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