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Tetra Bio-Pharma Shareholders Approve the Acquisition of Panag Pharma
Tetra Bio-Pharma Shareholders Approve the Acquisition of Panag Pharma.
About this update from Tetra Bio-pharma Inc.
[{"type":"text","content":"\nOTTAWA, April 18, 2019 (GLOBE NEWSWIRE) -- Tetra Bio-Pharma Inc. (\"Tetra\" or the \"Company\") (TSX-V: TBP) (OTCQB: TBPMF), is pleased to announce that, at a special meeting of shareholders held today (the \"Meeting\"), the shareholders of the Company voted in favor of an ordinary resolution (the \"Resolution\") to approve the previously announced acquisition of Panag Pharma Inc. (\"Panag\"), including the approval of the acceleration events, all as more particularly described in the management information circular sent to shareholders of the Company ahead of the Meeting (the \"Proposed Transaction\"). The Proposed Transaction was announced on January 30, 2019.\n Panag is a Canadian-based life sciences company focused on the development of novel cannabinoid-based formulations for the treatment of pain and inflammation. In partnership with Panag, Tetra has completed several preclinical studies allowing the selection of lead formulations for the treatment of ophthalmic pain and inflammatory conditions. Dr. Guy Chamberland, CEO and CSO of Tetra stated, \"We are very pleased to soon welcome Panag to the Tetra family.  We have been working with Panag for over a year and as a combined entity we will have a robust product pipeline of cannabinoid derived drugs for development as prescription or OTC drugs.\" The Resolution had to be approved by a simple majority of 50% plus one of the votes properly cast by disinterested shareholders present in person or represented proxy at the Meeting, meaning that the votes attached to the common shares held by Bill Cheliak, who is a shareholder of Panag and non-arm's length party to Tetra within the meaning of the rules of the TSX Venture Exchange (\"TSXV\"), were excluded from the calculation of such approval. Approximately 31.98% of the common shares of disinterested shareholders of the Company were represented at the Meeting in person or by proxy of which 99.79% were voted in favour of the Resolution. Completion of the Proposed Transaction remains subject to a number of conditions, including the receipt of the approval of the TSXV and such other closing conditions as are customary in transactions of this nature. The Proposed Transaction is expected to close on or before April 30, 2019. About Tetra Bio-Pharma: Tetra Bio-Pharma (TSX-V: TBP) (OTCQB: TBPMF) is a biopharmace...