Leading Independent Advisory Firms ISS and Glass Lewis Recommend Shareholders Vote FOR the Plan of Arrangement between Telesta Therapeutics Inc. and ProMetic Life Sciences Inc.

MONTREAL, Oct. 11, 2016 /CNW/ - Telesta Therapeutics Inc. (TSX: TST) (PNK: BNHLF) today announced that Institutional Shareholder Services Inc. ("ISS") and Glass Lewis & Co. ("Glass Lewis"), two leading independent proxy advisory firms whose analyses and recommendations are relied upon by major institutional investment firms, mutual funds, and pension funds, have both recommended that shareholders of Telesta Therapeutics support the proposed plan of arrangement with ProMetic Life Sciences ("Arrangement"). Both firms cited the significant premium to recent trading values and the transaction process undertaken by management and the board of directors of Telesta as factors taken into consideration in their analysis and recommendation that shareholders of Telesta vote FOR the transaction. 

All Telesta shareholders are encouraged to read the information circular with respect to the Arrangement, which was mailed to shareholders of record as of September 20, 2016. It is also available on SEDAR at www.sedar.com, and Telesta's website (www.telestatherapeutics.com).

The Board of Directors of Telesta has unanimously recommended that shareholders vote in favour of the resolutions outlined in the circular. The special shareholders meeting  is scheduled for 10:00 a.m. (Eastern Daylight Time) on October 25, 2016 and being held in the offices of Norton Rose Fulbright Canada LLP, Suite 2500, 1 Place Ville Marie, Chapleau ABC Boardroom, Montreal, Quebec.

To ensure that your Telesta Shares are represented at the meeting, proxies to be used at the meeting must be received no later than 10:00 am (Eastern Daylight Time) on October 21, 2016 (by internet, telephone, mail or fax according to the instructions on the proxy or voting instruction form).

If you have any questions or require assistance in voting, please contact our proxy solicitation agent, D.F. King, at 1-800-226-2185, toll-free in North America, or call collect outside North America at
1-201-806-7301 or by email at [email protected].

About Telesta Therapeutics Inc.

Telesta is a Montreal-based biotechnology company focused on the licensing/acquisition and development of transformational therapeutics for the treatment of serious human diseases such as cancer, immune diseases and targeted rare diseases. We are agile, pragmatic, efficient, and driven by a passion for breakthrough science, drug development and making a difference in the lives of patients and their families. Through our strong convictions, work ethics, and collaboration-driven approach, we are leveraging our deep expertise and skillsets to bring transformational medicines to patients and their physicians.

Except for historical information, this news release may contain "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws that reflect the Company's current expectation regarding future events. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while, considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are cautioned that any such forward-looking statements and information are not guarantees and there can be no assurance that such statements and information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements and information. These forward-looking statements and information involve risk and uncertainties, which may cause, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process, and other risks detailed from time to time in the Company's ongoing quarterly and annual reporting. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.

SOURCE Telesta Therapeutics Inc.

Donald Olds, Chief Operating Officer, Telesta Therapeutics Inc., Telephone: [phone], [email protected]