LAVAL, Quebec, Nov. 27, 2013 (GLOBE NEWSWIRE) -- Acasti Pharma Inc. (" Acasti" or the " Corporation") (Nasdaq:ACST) (TSX-V:APO), an emerging biopharmaceutical company focused on the research, development and commercialization of new krill oil-based forms of omega-3 phospholipid therapies for the treatment and prevention of certain cardiometabolic disorders, announces that it has priced an underwritten public offering of 16,000,000 units of Acasti (" Units") at a price of US$1.25 per Unit, each Unit consisting of one (1) Class A share (" Common Share") and one (1) Common Share purchase warrant (" Warrant") of Acasti. Each Warrant will entitle the holder to purchase one Common Share (" Warrant Share") at an exercise price of US$1.50 per Warrant Share, subject to adjustment, at any time until 5:00 p.m. (Montreal time) on the date that is the fifth anniversary of the closing of the offering. The gross proceeds to Acasti, before underwriting commissions and other offering expenses, are expected to be approximately US$20 million.
Euro Pacific Canada Inc. is acting as book-running manager for the offering, and National Securities Corporation is acting as co-manager. Roth Capital Partners, LLC acted as financial advisor for this offering. Acasti has granted the underwriters of the offering an option to purchase an additional 2,400,000 Units at the public offering price during the period ending 30 days from the closing of the offering.
Acasti estimates that the net proceeds from the offering will be approximately US$18 million, after deducting the underwriting commissions and other offering expenses. Acasti intends to allocate the net proceeds from the offering as follows: (i) approximately US$1 million to complete its current Phase II double blind clinical trial (TRIFECTA); (ii) approximately US$2 million to initiate and complete its proposed pharmacokinetic trial of CaPre® in the United States; (iii) approximately US$8 million to initiate and complete a Phase III clinical trial to investigate the safety and efficacy profile of CaPre® in a patient population with very high triglycerides (>500 mg/dL); (iv) approximately $5 million to initiate and complete its proposed DART (developmental and reproductive toxicology) and CARCINO (carcinogenicity testings) nonclinical studies; and (v) the balance, if any, for general corporate and other working capital purposes.