Telesta Therapeutics signs $2 million distribution deal with BL&H; sells shares worth $200,000

Canada-based Telesta Therapeutics (TSX:TST) on Monday said it has agreed a supply and distribution deal with Korea’s BL&H Co for its MCNA therapy in a deal valued at over $2 million. The therapeutics company has also sold shares worth $200,000 to BL&H.

MCNA, or the mycobacterium phlei cell wall-nucleic acid complex, is a biologic therapy derived from the cell wall fractionation of a non-pathogenic bacteria.

Telesta will be responsible for the manufacturing and supply of the drug product, while specialty pharmaceutical company BL&H will cover all costs for registration, sales and marketing in the territory. Under the terms of agreement Telesta will also receive a large proportion of the revenue related to MCNA sales in South Korea.