Acasti Pharma Reports on Its Oversubscribed Rights Offering
September 16 2011 - 8:30AM
Acasti Pharma Inc. ("Acasti") (TSX-V:APO), a Neptune Technologies
& Bioressources Inc. ("Neptune") subsidiary, reports on its
Rights Offering announced on June 17, 2011, which ended on
September 14, 2011 at 4PM eastern time.
The Rights Offering has been oversubscribed, and accordingly the
maximum number of shares available for issuance under terms of the
Rights Offering have been issued, for a total of 6,445,444 shares
representing gross proceeds of $8,056,805.
"We appreciate the Rights Offering subscribers' confidence and
support. Completing an oversubscribed Rights Offering during this
uncertain macroeconomic period with high market volatily is a
significant endorsement Acasti's management, its business
strategy and action plan," stated Xavier Harland, CFO. "The
proceeds from the Rights Offering will be used to accelerate the
development of CaPreTM, Acasti's prescription drug candidate,
directed primarily toward the US clinical development plan, as well
as for the commercialization of OnemiaTM, Acasti's medical food
product and for the development of new Over-the-counter (OTC)
combination products. Finally, remaining proceeds will be used
for business development purposes and increasing working capital,"
he added.
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.
About 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
Howard Group Contact:
Dave Burwel
+1.888.221.0915
dave@howardgroupinc.com
www.howardgroupinc.com
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