Acasti Pharma Year End Results
May 30 2011 - 7:00AM
Acasti Pharma ("Acasti") (TSX-V:APO), a Neptune Technologies &
Bioressources Inc's ("Neptune") subsidiary, today reports its
consolidated financial results for the fiscal year ended February
28, 2011.
- During the fiscal year ended February 28, 2011, Acasti
generated revenues of $28,000 from contracted research it is
conducting for Neptune. Acasti did not generate any revenue
during the fiscal year ended February 28, 2010.
- Research and development expenses for the year ended February
28, 2011 amounted to $1,430,000 compared to $1,178,000 for the
corresponding period ended February 28, 2010.
- EBITDA for the fiscal year ended February 28, 2011 was negative
$2,255,000, compared to negative $1,588,000 obtained during the
corresponding period ended February 28, 2010.
- Net loss amounted to $2,373,000, or $0.05 per share for the
fiscal year ended February 28, 2011, compared to $1,585,000, or
$0.07 per share, for the corresponding period ended February 28,
2010.
- As of February 28, 2011 Acasti has $2,830,000 in cash and
short-term investments.
"The most important expenses incurred during this fiscal year
were related to the development of CaPreTM, Acasti's prescription
drug, along with administrative and commercialization
expenses. Research and development is expected to be an
important part of Acasti's total expenses in the future due to its
ongoing clinical programs. However, we expect to report
revenues from the sales of OnemiaTM this year, which should
eventually reduce the burden of research and development expenses
on Acasti's capital," stated Xavier Harland, Chief Financial
Officer.
"This was a year of great achievements for Acasti, with the
completion of the product development and preclinical studies
enabling the Clinical Trial Application, Health Canada- and the
soft-launch of OnemiaTM. Acasti is expected to reach even more
important milestones in the current fiscal year, which already
began with the listing of Acasti shares on the TSX-V and the
nomination of two new members on the Board of Directors on March
31, 2011. We are soon looking forward to the initiation of Phase II
clinical trials and extended commercialization of OnemiaTM," stated
Tina Sampalis, President.
About Acasti Pharma Inc.
Acasti Pharma is developing a product portfolio of proprietary
novel long-chain omega-3 phospholipids. Phospholipids are the major
component of cell membranes and are essential for all vital cell
processes. They are one of the principal constituents of High
Density Lipoprotein (good cholesterol) and, as such, play an
important role in modulating cholesterol efflux. Acasti Pharma's
proprietary novel phospholipids carry and functionalize the
polyunsaturated omega-3 fatty acids EPA and DHA, which have been
shown to have substantial health benefits and which are stabilized
by potent antioxidants. Acasti Pharma is focusing initially on
treatments for chronic cardiovascular and cardiometabolic
conditions within the over-the-counter, medical food and
prescription drug markets.
Neptune Technologies & Bioressources Inc.
(Nasdaq:NEPT) (TSX-V:NTB)
Neptune is an industry-recognized leader in the innovation,
production and formulation of science-based and clinically proven
novel phospholipid products for the nutraceutical and
pharmaceutical markets. The Company focuses on growing consumer
health markets including cardiovascular, inflammatory and
neurological diseases driven by consumers taking a more proactive
approach to managing health and preventing disease. The Company
sponsors clinical trials aimed to demonstrate its product health
benefits and to obtain regulatory approval for label health claims.
Neptune is continuously expanding its intellectual property
portfolio as well as clinical studies and regulatory approvals.
Neptune's products are marketed and distributed in over 20
countries worldwide.
"Neither Nasdaq nor 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."
Statements in this press release that are not statements of
historical or current fact constitute "forward-looking statements"
within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995 and Canadian securities laws. Such
forward-looking statements involve known and unknown risks,
uncertainties, and other unknown factors that could cause the
actual results of the Company to be materially different from
historical results or from any future results expressed or
implied by such forward-looking statements. In addition to
statements which explicitly describe such risks and uncertainties,
readers are urged to consider statements labeled with the
terms "believes," "belief," "expects," "intends," "anticipates,"
"will," or "plans" to be uncertain and forward-looking. The
forward-looking statements contained herein are also subject
generally to other risks and uncertainties that are described
from time to time in the Company's reports filed with the
Securities and Exchange Commission and the Canadian
securities commissions.
CONTACT: Acasti Contact:
Tina Sampalis
President
+1 450.686.4555
t.sampalis@acastipharma.com
www.acastipharma.com
Xavier Harland
Chief Financial Officer
+1.450.687.2262
x.harland@acastipharma.com
www.acastipharma.com
Howard Group Contact:
Bob Beaty
(888) 221-0915
bob@howardgroupinc.com
www.howardgroupinc.com
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