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Acasti Announces Fiscal 2013 Results And Provides Update On Status Of Clinical Trials

LAVAL, Quebec, May 22, 2013 (GLOBE NEWSWIRE) -- Acasti Pharma ("Acasti" or the "Corporation") (Nasdaq:ACST) (TSX-V:APO), a Neptune Technologies & Bioressources Inc.'s ("Neptune") subsidiary, announces its consolidated financial results for the fourth quarter and fiscal year ended February 28, 2013 and provides an update on the status of its Phase II clinical trials.

Financial Results: Fiscal Year ended February 28, 2013

  • During fiscal year 2013 Acasti generated revenues of $724,000 from the commercialization of its medical food product, Onemia™. In fiscal year 2012, the Corporation generated revenue from sales of $10,000 from the initial sales of Onemia™ and other revenue of $116,000 related to research contracts.
  • Research and development expenses were $3,010,000 for the year ended February 28, 2013, down slightly from $3,106,000 in the prior year.
  • Adjusted EBITDA was negative $(4,350,000) for the year, versus negative $(4,481,000) for the prior year.
  • Net loss amounted to $(6,892,000) or $(0.09) per share for fiscal 2013, compared to $(6,501,000) or $(0.10) per share for the corresponding period of 2012.

Financial Results: Fourth quarter ended February 28, 2013

  • Revenues were $49,000 for the quarter ended February 28, 2013, with sales coming entirely from the commercialization of Onemia™. This compares to revenues of $10,000 during the quarter ended February 29, 2012, following the initial launch of Onemia™.
  • Research and development expenses were $918,000 for the quarter ended February 28, 2013, up from $387,000 in the prior-year corresponding quarter.
  • Adjusted EBITDA was negative $(1,361,000) for the quarter ended February 28, 2013, versus negative $(857,000) for the quarter ended February 29, 2012.
  • A net loss of $(1,953,000) or $(0.03) per share was recorded for the quarter ended February 28, 2013, versus a net loss of $(1,547,000) or $(0.02) per share in the prior-year quarter.

Sales of Onemia™ in the fourth quarter of fiscal 2013 were down from levels seen in the prior two quarters, largely due to a late third quarter purchase by a distributor, which resulted in lower fourth quarter sales. Acasti is currently dependent on a limited number of distributors for the commercialization of Onemia™ and, consequently, quarter to quarter revenues from sales can vary significantly. Going forward, Acasti intends to continue to develop its distribution network and further increase market penetration of Onemia™.  

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