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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.