Telesta Therapeutics Publishes its Annual Financial Statements and Provides Date of Special Shareholders Meeting

(Canadian dollars, except where noted)  

MONTREAL, Sept. 19, 2016 /CNW/ - Telesta Therapeutics Inc. (TSX: TST) (PNK: BNHLF) today released its Fiscal 2016 consolidated financial statements and associated Management's Discussion and Analysis (MD&A) for the fiscal year ending June 30, 2016, which are now published in full on SEDAR (www.sedar.com) and on the Company's website at www.telestatherapeutics.com.   

On August 24, 2016, Telesta announced that it has executed a binding agreement, subject to shareholder approval, to be acquired by ProMetic Life Sciences Inc. for consideration of $0.14/Telesta share, payable in freely tradable shares of ProMetic Life Sciences (TSX: PLI). The actual number of ProMetic shares payable per Telesta common share will be calculated based on the 5-day volume-weighted average price of ProMetic shares, for the 5 days immediately preceding the date on which the court ordered plan of arrangement becomes effective if shareholders vote to approve this transaction.

Management's information circular, describing the details and rationale of the proposed transaction, will be posted on SEDAR (www.sedar.com) on or around September 20^th, and subsequently mailed to shareholders. The record date for voting at the special shareholders meeting is September 20, 2016.

A special shareholders meeting to vote on this recommendation will be held on October 25, 2016 at the offices of Norton Rose Fulbright Canada LLP, Suite 2500, 1 Place Ville Marie, Chapleau ABC Boardroom, Montreal, Quebec H3B 1R1 at 10:00 a.m. (Eastern Daylight Time). 

If Telesta's shareholders approve the transaction, we expect the closing date for the transaction to be in early November.   

About Telesta Therapeutics Inc.

Telesta Therapeutics Inc. is a Canadian 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. The Company's common stock is traded on the Toronto Stock Exchange under the symbol, "TST".

For more information, please visit www.telestatherapeutics.com.

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]