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Acasti Announces Second Quarter Results

Stocks in this article: ACST APO

LAVAL, Quebec, Oct. 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 three and six-month periods ending August 31, 2013.

Financial Results: Three Months Ended August 31, 2013

  • Revenues were $266,000 for the quarter ended August 31, 2013, versus $237,000 for the quarter ended August 31, 2012. Sales in both years were generated from the commercialization of Onemia ®, the Corporation's medical food product.
  • Research and development expenses were $1,526,000 for the current quarter, up from $761,000 in the corresponding prior-year quarter.
  • Adjusted EBITDA was negative $(1,755,000) for the quarter ended August 31, 2013, versus negative $(1,037,000) in the corresponding prior-year quarter.
  • A net loss of $(3,238,000) or $(0.04) per share was recorded for the current quarter, versus a net loss of $(1,752,000) or $(0.02) per share in the same quarter last year.

Financial Results: Six Months Ended August 31, 2013

  • Revenues were $273,000 for the six-month period ended August 31, 2013, versus $251,000 for the corresponding period ended August 31, 2012. Sales in both years were generated from the commercialization of Onemia ®, the Corporation's medical food product.
  • Research and development expenses were $2,304,000 for the six-month period ended August 31, 2013, up from $1,321,000 in the corresponding prior-year period.
  • Adjusted EBITDA was negative $(3,015,000) for the quarter ended August 31, 2013, versus negative $(1,953,000) in the corresponding prior-year period.
  • A net loss of $(5,203,000) or $(0.07) per share was recorded for the current quarter, versus a net loss of $(3,328,000) or $(0.05) per share in the corresponding prior-year period.

"Acasti's position continues to grow stronger, with the Corporation reaching several significant milestones in recent months," highlighted Dr. Harlan W. Waksal, M.D., Executive Vice-President, Business & Scientific Affairs. "These include the signing of a Manufacturing Agreement with a world leader in natural based specialty chemicals for the manufacturing of CaPre ® clinical material and the release of positive results in our recently completed COLT trial testing the safety and efficacy of CaPre ®." These accomplishments are an important part of Acasti's drug development program geared towards obtaining market approval of CaPre ®.

On top of this, Acasti and Neptune recently reached a favourable settlement with a number of respondents named in the U.S. International Trade Commission's (ITC) investigation into alleged composition of matter infringements. The ITC investigation was instituted earlier this year following a Neptune and Acasti complaint filed with the ITC. "Our intellectual property (IP) is a valuable asset and the resolution with key industry players in the ITC investigation reflects its strength and we remain dedicated in its defense," continued Dr. Waksal. To date, Acasti and Neptune have not reached a settlement with the remaining respondents in the ITC investigation, including Aker BioMarine AS; Aker BioMarine Antarctic USA, Inc.; Aker BioMarine Antarctic AS; Enzymotec Limited and Enzymotec USA, Inc.

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