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by Stockwatch Business Reporter

The TSX Venture Exchange lost 3.34 points to 790.70 Wednesday. Andrew DeFrancesco's NEX shell, Santa Maria Petroleum Inc., has closed its acquisition of a cannabinoid drug developer based in Manhattan Beach, Calif. Today, the resulting issuer began trading on the TSX-V as Kalytera Therapeutics Inc. (KALY). It opened at $1.60 but quickly lost ground, closing at 90 cents on 3.5 million shares.

Santa Maria rolled back 1 for 2.3, which left it with 15,220,158 postconsolidated shares issued, then it issued 39,619,556 postconsolidated shares to its target's shareholders. Along with closing the acquisition, the shell and its target also completed two private placements, raising a total of $8.33-million from the sale of 20,833,333 Kalytera shares at 40 cents. There were 54 subscribers to one of the private placements and seven to the other.

Kalytera is working on treatments for bone fractures and bone diseases, such as osteoporosis and osteogenesis imperfecta. It has conducted preclinical trials (on animals) through university-affiliated institutions in Israel. Kalytera's chief executive officer, Andrew Salzman, is an immunologist and pediatrician in Israel. He is also the founding chairman of Salzman Capital Ventures Ltd., which is a life sciences investor in Israel, and of several pharmaceutical researchers in Israel and Massachusetts. Dr. Salzman previously worked at Massachusetts General Hospital. Kalytera's president, Robert Farrell, is a lawyer in San Francisco. From 2008 to 2009, he was the president of Nasdaq-listed Titan Pharmaceuticals Inc. (TTNP: $4.25 (U.S.)), the maker of a skin implant that treats opioid addiction. Before becoming president, Mr. Farrell was Titan's chief financial officer for 12 years.

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