Neptune Technologies & Bioressources Inc. Subsidiary Acasti Pharma Receives Conditional Approval for Listing on TSX-Venture
February 28 2011 - 7:00AM
Neptune Technologies & Bioressources Inc. ("Neptune")
(Nasdaq:NEPT) (TSX-V:NTB) and Acasti Pharma ("Acasti"), a
Neptune subsidiary, announces that Acasti has received conditional
approval for the listing of its class A common shares (the "Class A
shares") on the TSX Venture Exchange (the "Exchange") under the
ticker symbol APO.
Acasti has received conditional approval from the Exchange for
the listing of its Class A share on the TSX-Venture (the
"Listing"). The Listing is conditional, to fulfilment by
Acasti of all Exchange's requirements including, among others: (i)
the conversion of all outstanding Class B and Class C preferred
shares into Class A shares on a 1:1 basis, (ii) the signature of an
escrow agreement between Acasti, the escrow agent and Acasti's
principal securities holders, (iii) the filing of amended and
restated financial statements for the three and nine-month periods
ended November 30th, 2010 reflecting, among others, subsequent
events in connection with the Listing, and (iv) the completion of
satisfactory background searches on Acasti's insiders.
Acasti's management expects to waive all conditions with respect
to the Listing prior to March 21, 2011. A complete press release
will be issued by Acasti and Neptune at the time of the Listing,
providing summary disclosure of the Listing and any related
transaction.
About Neptune Technologies & Bioressources
Inc.
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.
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 conditions within the
over-the-counter, medical food and prescription drug markets.
About NeuroBioPharm Inc.
NeuroBioPharm is pursuing pharmaceutical neurological
applications, and a clinical study for a medical food product with
a multinational partner is already initiated. The development of a
prescription drug candidate is currently in progress. Advanced
clinical development and commercialization is planned to be carried
out with multinational partners.
"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. Despite Acasti's
management expectation to waive all conditions in connection with
the Listing prior to March 21, 2011, there can't be no assurance
that the Company will succeed in obtaining Exchange's final
approval on such matter.
CONTACT: Neptune Contact:
Neptune Technologies & Bioressources Inc.
Andre Godin, V.P. Administration and Finance
+1 450.687.2262
a.godin@neptunebiotech.com
www.neptunebiotech.com
CEOcast Contact:
Dan Schustack
+1 212-732-4300
dschustack@ceocast.com
www.ceocast.com
Howard Group Contact:
Bob Beaty
(888) 221-0915
bob@howardgroupinc.com
www.howardgroupinc.com
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