OTTAWA, 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.

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 biopharmaceutical leader in cannabinoid-based drug discovery and development with Health Canada authorized, and FDA reviewed, clinical trials aimed at bringing novel prescription drugs and treatments to patients and their healthcare providers. The Company has several subsidiaries engaged in the development of an advanced and growing pipeline of Bio Pharmaceuticals, Natural Health and Veterinary Products containing cannabinoid and other medicinal plant-based elements. With patients at the core of what we do, Tetra Bio-Pharma is focused on providing rigorous scientific validation and safety data required for inclusion into the existing bio pharma industry by regulators, physicians and insurance companies.

For more information visit: www.tetrabiopharma.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the inability of the Company to obtain sufficient financing to execute the Company's business plan; competition; regulation and anticipated and unanticipated costs and delays, the success of the Company's research and development strategies, including the success of CAUMZ and its other drug candidates, the applicability of the discoveries made therein, the successful and timely completion and uncertainties related to the regulatory process including the applications for Orphan Drug Designation, the timing of clinical trials, the timing and outcomes of regulatory or intellectual property decisions and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.

Tetra Bio-Pharma Contact:

Bernard Lessard, MBA, CPA, CMA

Chief Financial Officer

438-899-7575

bernard.lessard@tetrabiopharma.com

Investor Contact:

Maison Brison

Pierre Boucher, CPA, CMA

Partner, Executive Vice-President

514-731-0000 ext. 237

Investors@tetrabiopharma.com

Media Contact :

energi PR

Carol Levine, APR, FCPRS

CEO 514-288-8500 ext. 226

Carol.levine@energipr.com

Source: Tetra Bio-Pharma Inc