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 First Quarter Results

LAVAL, Quebec, July 15, 2013 (GLOBE NEWSWIRE) -- Acasti Pharma ("Acasti" or the "Corporation") (Nasdaq:ACST) (TSX-V:APO), a Neptune Technologies & Bioressources Inc.'s ("Neptune") subsidiary, announces its financial results for the first quarter ended May 31, 2013.

First Quarter Financial Results

  • Revenues were $6,000 for the quarter ended May 31, 2013, versus $14,000 for the quarter ended May 31, 2012. Sales in both years were generated from the commercialization of Onemia™, the Corporation's medical food product. 
  • Research and development expenses were $779,000 for the current quarter, up from $560,000 in the corresponding prior-year quarter.
  • Adjusted EBITDA was negative $(1,260,000) for the quarter ended May 31, 2013, versus negative $(916,000) in the corresponding prior-year quarter.
  • A net loss of $(1,965,000) or $(0.03) per share was recorded for the current quarter, versus a net loss of $(1,576,000) or $(0.02) per share in the same quarter last year.

Acasti currently relies on a limited number of distributors and clients for Onemia™ and consequently, quarter to quarter revenues may vary significantly. Acasti continues to work on broadening its distribution network and client base for Onemia™.  

Update on Status of Phase II Clinical Trials

Acasti's Phase II clinical trials, designed to evaluate the effect of different daily doses of CaPre ® on patients with high to very high triglyceride levels, continued to progress during the quarter and remain on schedule. The final report for the open-label, dose ranging study (COLT) is expected for this summer, while completion of the double blind, placebo controlled study (TRIFECTA) is projected for the first half of calendar 2014.

"We remain focused on the completion of our phase II clinical trials," said Dr. Harlan Waksal, Executive Vice-President, Business & Scientific Affairs. "Concurrently with these trials, we are moving forward with our plans to submit an Investigational New Drug filing to initiate pivotal phase III clinical trials of CaPre ® in the USA. At the same time, we continue to seek out and secure third party manufacturers, including a Good Manufacturing Practices (GMP) facility for production of CaPre ®."  

Acasti Becomes Royalty Free

On December 4, 2012, the Corporation announced that it had entered into a prepayment agreement with its parent company, Neptune, pursuant to which Acasti exercised its option under the exclusive technology license agreement (the "License Agreement") between the two parties to pay in advance all future royalties payable under the License Agreement. 

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
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 17,113.54 +61.81 0.36%
S&P 500 1,983.53 +9.90 0.50%
NASDAQ 4,456.0160 +31.3120 0.71%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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