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Acasti Pharma Reports Its Second Quarter Results

Stocks in this article: APO NEPT

LAVAL, Quebec, Oct. 17, 2012 (GLOBE NEWSWIRE) -- Acasti Pharma ("Acasti" or the "Corporation") (TSX.V.APO), a Neptune Technologies & Bioressources Inc. ("Neptune") subsidiary, reports the highlights of its financial results for the second quarter, ended August 31, 2012.

Financial Results Highlights – Three-month period

  • During the three-month period ended August 31, 2012 Acasti generated revenues of $237,000 from sales of Onemia™, while Acasti did not generate revenues from sales during the corresponding period of 2011.
  • Research and development expenses for the three-month period ended August 31, 2012, amounted to $761,000 compared to $904,000 for the corresponding period of 2011.
  • Adjusted EBITDA for the three-month period ended August 31, 2012 was negative $1,037,000, compared to negative $1,254,000 obtained during the corresponding period of 2011.
  • Net loss amounted to $1,752,000, or $0.02 per share for the three-month period ended August 31, 2012 compared to $1,724,000, or $0.03 per share, for the corresponding period of 2011.

Financial Results Highlights – Six-month period

  • During the six-month period ended August 31, 2012 Acasti generated revenues of $251,000 from sales of Onemia™, while Acasti did not generate revenues from sales during the corresponding period of 2011.
  • Research and development expenses for the six-month period ended August 31, 2012, amounted to $1,321,000 compared to $1,356,000 for the corresponding period of 2011.
  • Adjusted EBITDA for the six-month period ended August 31, 2012 was negative $1,953,000, compared to negative $1,947,000 obtained during the corresponding period of 2011.
  • Net loss amounted to $3,328,000, or $0.05 per share for the six-month period ended August 31, 2012 compared to $2,747,000, or $0.04 per share, for the corresponding period of 2011.

"This is Acasti's first quarter with tangible revenues from US sales of Onemia TM on the medical food market from distribution through a nation-wide sales network. While generating revenues from sales of Onemia TM is an important part of Acasti's business plan, the management's main focus remains CaPre ®'s research & development program.  Increasing revenues from Onemia™ over the next few years will alleviate the burden of CaPre ®'s research & development expenses on the Corporation's cash flow. Acasti's current cash position is sufficient to conduct its two current phase II clinical trials, with more than $ 5M on hand," stated Xavier Harland, CFO. "Moreover, Neptune's recent financing may also provide additional backup liquidity for further needs," 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.

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