Telesta Therapeutics Inc. shareholders approve plan of arrangement with ProMetic Life Sciences Inc.

MONTREAL, Oct. 25, 2016 /CNW Telbec/ - Telesta Therapeutics Inc. (TSX: TST; PNK: BNHLF) announced at a special meeting of shareholders held earlier today (the "Meeting") that Telesta shareholders voted in favour of the proposed transaction pursuant to which ProMetic Life Sciences Inc. will acquire all of the issued and outstanding common shares of Telesta by way of a plan of arrangement under section 192 of the Canada Business Corporations Act (the "Arrangement"). The Arrangement was approved by 96.4% of the votes cast by Telesta shareholders eligible to vote at the Meeting representing 53.3% of the outstanding common shares of Telesta. There were no dissenting shareholders.

Completion of the Arrangement remains conditional on approval by the Superior Court of Justice of Ontario and certain other closing conditions customary in transaction of this nature. The final hearing to approve the Arrangement is scheduled to be held on October 28, 2016.  The Arrangement Agreement provides that the Arrangement is to be completed not later than 3 business days following satisfaction of all conditions.  

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]