NEWS OUT
Telesta's management team and Board of Directors are actively evaluating opportunities to create shareholder value, both through the monetization of Telesta's key assets, including its MCNA franchise, and through the execution of one or more strategic options including, but not limited to, the sale of the Company, the acquisition of development-stage or commercial assets, or the merger of the Company with another public or private biotechnology company. As previously reported, the Company is considering the engagement of an investment bank if the Board of Directors determines that such an engagement would accelerate the successful conclusion of this strategic review process. Since Telesta has determined that it will seek a partner to develop MCNA for the U.S. market, following the recent decision by the U.S. Food and Drug Administration (FDA) to require an additional Phase 3 study prior to considering commercial approval of MCNA, Telesta is in discussions with its existing development partners and is actively approaching other potential partners. As these discussions are held under confidentiality agreements, Telesta will only be announcing developments on these fronts when they are finalized. The Company continues to identify and implement opportunities to reduce ongoing operating expenditures and estimates that average cash expenditures for the last quarter of the fiscal year will be less than $0.8 million per month. Almost half of these ongoing expenditures are related to the Company's Montreal MCNA manufacturing facility, and the Company expects that responsibility for these costs will be taken up by its MCNA development partners. Dr. Michael Berendt, Telesta's Chief Executive Officer and Chief Scientist noted: "This is a difficult time for our shareholders as we work on multiple operational and strategic fronts simultaneously, while our ability to communicate our progress on these fronts is constrained by our confidentiality obligations and the need to negotiate in parallel with multiple parties. I would like to assure our shareholders that our Board of Directors and management team are extremely aware of the need to move quickly, and that all of us are working diligently to successfully deliver on our mission to preserve and create value for all of our stakeholders." About Read more at https://www.stockhouse.com/news/press-releases/2016/05/10/telesta-therapeutics-publishes-its-q3-2016-financial-statements-and-provides#RYLxy0V5cV4JQQUq.99