(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 20th, and subsequently mailed to shareholders. The record date for voting at the special shareholders meeting isSeptember 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".