This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Stocks in this article: ACST APO

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™.  

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,630.41 +273.54 1.58%
S&P 500 2,045.51 +32.62 1.62%
NASDAQ 4,727.5970 +83.2850 1.79%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs