Acasti Pharma Shares to be Traded on TSX-Venture Under APO Ticker
March 31 2011 - 8:00AM
Acasti Pharma ("Acasti") (TSX-V:APO), a Neptune Technologies &
Bioressources Inc. ("Neptune") subsidiary, announces that its
shares will start trading today under APO ticker on the TSX-Venture
Exchange (the "TSX-V" or "Exchange").
Acasti complied with all conditions and regulatory requirements
of the Exchange after successfully completing the due diligence
process led by Versant Partners, Acasti's sponsor. No proceeds are
raised concomitantly with the listing. A copy of Acasti's listing
application is available for review on SEDAR at www.sedar.com.
Pursuant to TSX-V Tier 2 issuer initial listing conditions and
requirements:
- Acasti Class B and Class C shares holders have converted their
shares, respectively 5,000,000 and 260,000, into Class A shares on
a 1:1 basis. Following this conversion a total of 64,434,444 Class
A shares are issued and outstanding.
- Acasti modified its Stock Option Plan in order to comply
with the exchange policy, such modifications to be approved by
Acasti's shareholders on their next annual and special
meeting.
- Acasti has filed amended financial statements for the three and
nine-month periods ended November 30, 2010 to reflect its auditors
review and the above changes among others in the subsequent events
notes to the financial statements.
- Dr. Martin Godbout and Mr. Marc Lebel have been nominated as
new members of the Acasti Board of Directors (the "Board")
following Mr. Jean-Claude Debard and Mr. Daniel Perry resignations
on March 21, 2011 effective at the date of the listing. Dr. Martin
Godbout is the Chairman of the Board of Director of MethylGene, a
public company listed on the TSX Exchange, and has been involved
with numerous biotech companies and biotech investment firms.
Mr. Marc Lebel, Pharm.D. is the founder and former
president of Anapharm, a contract clinical research company which
he has sold to PharmaNet, he also acted as an Executive
Vice-President of Pharmanet. Mr. Lebel sits on numerous private
companies' Board of Directors and currently is the President of
Glaciel Production. Both Dr. Godbout and M. Lebel are elite members
of the Excelcia Cercle and will bring a wealth of expertise to
Acasti.
Mr. Andre Godin has been replaced by Mr. Xavier Harland as the
Chief Financial Officer of Acasti. Mr. Xavier Harland has been
working as the Director of Finance for Neptune since 2004 and led
the listing of Acasti shares on the TSX-V. Mr. Xavier Harland
is an actuary, a Chartered Financial Analyst ("CFA") charterholder
and Financial Risk Manager ("FRM") holder.
Rights Offering
Upon listing of Acasti's class A shares on the Exchange, Acasti
will offer its shareholders rights to subscribe up to an additional
15% of its outstanding shares at a minimal price of $0.60 per
share, and not less than the Discounted Market Price permitted by
the Exchange, representing a potential aggregate financing of
$5,799,100 (the "Rights Offering"), immediately following the
Exchange and Autorite des Marches Financiers ("AMF") approvals, not
yet obtained. Acasti will be filing a request for exemption
of prospectus with the AMF with regards to the Rights Offering.
Assuming all rights being exercised, Neptune will remain a majority
shareholder of Acasti, even though Neptune at the time of the
Rights Offering will flowthrough directly to its shareholders the
rights it will be entitled to receive, due to its ownership in
Acasti, subject to the Exchange and AMF approvals.
Business Update
Acasti has begun marketing OnemiaTM to doctors and healthcare
professionals in the United States. OnemiaTM's soft launch has
begun and has been well received by medical professionals. Acasti
already finalized its first distribution agreement and obtained its
first orders for OnemiaTM. In parallel, Acasti is finalizing
negotiation to partner with a telmed organization for the full
launch of Onemia in the United States. Acasti is also in advanced
discussions and negotiation with potential pharmaceutical partners
for its VectosTM platform to be used in combination with existing
over-the-counter ("OTC") products.
Moreover, Acasti has received comments by Health Canada
regarding the filing of its clinical trial application ("CTA") for
which the first of two parts has been completed (Quality CMC
section). Acasti expects to obtain a letter of non-objection for
its CTA from Health Canada and initiate the clinical trial shortly.
In accordance with the filing of its CTA, Acasti has entered, on
March 24, 2011, into an agreement with JSS Medical Research ("JSS")
a clinical research organisation ("CRO") in order to conduct, upon
CTA approval by Health Canada, the phase II clinical trial.
Acasti's Board has approved the management recommendation for
the choice of the CRO, following a rigorous due diligence process,
based on recommendations from independent third parties, as well as
on JSS experience in the field and excellent reputation, and after
revision and analysis of concurrent alternative quotes, which were
all higher than the JSS proposal. Acasti Board members, aware
that JSS is owned and managed by Dr. John Sampalis, brother of Dr.
Tina Sampalis, president of Acasti, decided, in addition to request
full public disclosure, to require that additional control and
validation measures be undertaken to eliminate any doubt and/or
potential wrong perception such as appointing SNC Lavalin Pharma,
an internationally renowned organization, as external
independent auditors, to supervise the clinical trial, its
achievements, milestones and payments.
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 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 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.
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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