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LAVAL, Quebec, July 15, 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 financial results for the first quarter ended May 31, 2014.
"Acasti continues to make important progress in its drug development program to obtain regulatory approval to distribute and market CaPre® as a prescription drug," highlighted Mr. Andre Godin, Interim President and Chief Executive Officer of Acasti. "Recently we announced the completion of two key clinical studies, a Phase II double-blind (TRIFECTA) trial and a Pharmacokinetic (PK) trial. These trials are a key part of our expanding clinical program to evaluate the safety and efficacy of CaPre®. They are also an important component of Acasti's on-going discussion with the US food and Drug Administration (FDA) to obtain approval to conduct a Phase III study in the US. We look forward to obtaining results for the two studies in the coming months."
Financial Results: First Quarter Ended May 31, 2014
Revenues were $56,000 for the quarter ended May 31, 2014, versus $6,000 for the quarter ended May 31, 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 $1,219,000 for the quarter, versus $779,000 in the prior year
Adjusted EBITDA was negative $(1,695,000) for the quarter, versus negative $(1,270,000) in the prior year
Net Income was $1,356,000 for the quarter, versus a net loss of $(1,965,000) in the prior year.
The year-over-year decrease in adjusted EBITDA is largely due to increased R&D contract related expenses as Acasti continues to make important progress in its clinical trials. This was partially offset by lower royalties, following the royalty prepayment agreement with Neptune Technologies & Bioressources, Acasti's parent corporation.