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Acasti Announces Fourth Quarter And Fiscal Year Results

LAVAL, Quebec, May 21, 2014 (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 its consolidated financial results for the fourth quarter and fiscal year ended February 28, 2014.

Financial Results: Fourth Quarter Ended February 28, 2014

  • Revenues were $201,000 for the quarter ended February 28, 2014, versus $49,000 for the quarter ended February 28, 2013. Sales in both years were generated from the commercialization of Onemia ®, the Corporation's medical food product
  • Research and development (R&D) expenses were $714,000 for the quarter, down from $918,000 in the prior year
  • Adjusted EBITDA was negative $(977,000) for the quarter, versus negative $(1,373,000) in the prior year
  • Net loss was $(2,553,000) for the quarter, versus a net loss of $(1,952,000) in the prior year.

The year-over-year improvement in adjusted EBITDA is largely due to lower R&D expenses. As well, general & administrative expenses were down due to lower professional fees and royalties, with Acasti now being royalty free from Neptune. 

The increase in the year-over-year net loss is largely due to higher depreciation and amortization expenses, following an increase in the Corporation's licensed asset, resulting from the royalty prepayment agreement with Neptune, and higher stock based compensation expenses.  

Financial Results: Fiscal Year ended February 28, 2014

  • Revenues were $501,000 for the fiscal year ended February 28, 2014, versus $724,000 for the year ended February 28, 2013. Sales in both years were generated from the commercialization of Onemia ®, the Corporation's medical food product
  • Research and development expenses were $4,297,000 for the year, up from $3,009,000 in the prior year
  • Adjusted EBITDA was negative $(5,584,000) for the year, versus negative $(4,397,000) in the prior year
  • A net loss of $(11,612,000) or $(0.14) per share was recorded for the year, versus a net loss of $(6,892,000) or $(0.09) per share in the prior year.

Research and development expenses were up over the prior year due to an increase in contract expenses related to Acasti's clinical trials.

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