LAVAL, Quebec, Dec. 3, 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, announced today the closing of its previously announced 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. Prior to the closing, the underwriters exercised their over-allotment option in full to purchase an additional 2,400,000 Units, resulting in a total of 18,400,000 Units being issued today for gross proceeds of approximately US$23 million.
Euro Pacific Canada Inc. acted as book-running manager for the offering, and National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (OTCBB:NHLD), acted as co-manager. Roth Capital Partners, LLC acted as financial advisor for the offering and H.C. Wainwright & Co., LLC acted as advisor.
Acasti estimates that the net proceeds from the offering will be approximately US$20.8 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 for general corporate and other working capital purposes.