ProMetic Life Sciences Inc. acquires Telesta and with it MCNA ,a possible treatment for bladder cancer.

ProMetic Life Sciences Inc. announced that it has entered into a binding agreement for the acquisition of Telesta Therapeutics, Inc, by way of a plan of arrangement under the Canada Business Corporations Act. Under the terms of the Agreement, ProMetic will acquire all of the share capital of Telesta at a share price of $0.14 payable in ProMetic common shares. Completion of the acquisition is subject to the approval of Telesta�s shareholders and a number of customary closing conditions for a transaction of this nature, which include court and regulatory approvals (including the approval of the Toronto Stock Exchange). The acquisition is expected to close in early November 2016. ProMetic said it will evaluate Telesta's candidate for bladder cancer, MCNA, for potential further development. An FDA advisory committee voted last November against recommending approval of MCNA, determining that clinical data did not demonstrate a favorable risk-benefit profile in non-muscle invasive bladder cancer.