LAVAL, Quebec, May 30, 2011 (GLOBE NEWSWIRE) -- Acasti Pharma ("Acasti") (TSX-V:APO), a Neptune Technologies & Bioressources Inc's ("Neptune") subsidiary, today reports its consolidated financial results for the fiscal year ended February 28, 2011.
- During the fiscal year ended February 28, 2011, Acasti generated revenues of $28,000 from contracted research it is conducting for Neptune. Acasti did not generate any revenue during the fiscal year ended February 28, 2010.
- Research and development expenses for the year ended February 28, 2011 amounted to $1,430,000 compared to $1,178,000 for the corresponding period ended February 28, 2010.
- EBITDA for the fiscal year ended February 28, 2011 was negative $2,255,000, compared to negative $1,588,000 obtained during the corresponding period ended February 28, 2010.
- Net loss amounted to $2,373,000, or $0.05 per share for the fiscal year ended February 28, 2011, compared to $1,585,000, or $0.07 per share, for the corresponding period ended February 28, 2010.
- As of February 28, 2011 Acasti has $2,830,000 in cash and short-term investments.
"The most important expenses incurred during this fiscal year were related to the development of CaPreTM, Acasti's prescription drug, along with administrative and commercialization expenses. Research and development is expected to be an important part of Acasti's total expenses in the future due to its ongoing clinical programs. However, we expect to report revenues from the sales of OnemiaTM this year, which should eventually reduce the burden of research and development expenses on Acasti's capital," stated Xavier Harland, Chief Financial Officer.
"This was a year of great achievements for Acasti, with the completion of the product development and preclinical studies enabling the Clinical Trial Application, Health Canada- and the soft-launch of OnemiaTM. Acasti is expected to reach even more important milestones in the current fiscal year, which already began with the listing of Acasti shares on the TSX-V and the nomination of two new members on the Board of Directors on March 31, 2011. We are soon looking forward to the initiation of Phase II clinical trials and extended commercialization of OnemiaTM," stated Tina Sampalis, President.
Acasti Pharma is developing a product portfolio of proprietary novel long-chain omega-3 phospholipids. Phospholipids are the major component of cell membranes and are essential for all vital cell processes. They are one of the principal constituents of High Density Lipoprotein (good cholesterol) and, as such, play an important role in modulating cholesterol efflux. Acasti Pharma's proprietary novel phospholipids carry and functionalize the polyunsaturated omega-3 fatty acids EPA and DHA, which have been shown to have substantial health benefits and which are stabilized by potent antioxidants. Acasti Pharma is focusing initially on treatments for chronic cardiovascular and cardiometabolic conditions within the over-the-counter, medical food and prescription drug markets.
(Nasdaq:NEPT) (TSX-V:NTB)
Neptune is an industry-recognized leader in the innovation, production and formulation of science-based and clinically proven novel phospholipid products for the nutraceutical and pharmaceutical markets. The Company focuses on growing consumer health markets including cardiovascular, inflammatory and neurological diseases driven by consumers taking a more proactive approach to managing health and preventing disease. The Company sponsors clinical trials aimed to demonstrate its product health benefits and to obtain regulatory approval for label health claims. Neptune is continuously expanding its intellectual property portfolio as well as clinical studies and regulatory approvals. Neptune's products are marketed and distributed in over 20 countries worldwide.
"Neither Nasdaq nor the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws. Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the actual results of the Company to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "will," or "plans" to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports filed with the Securities and Exchange Commission and the Canadian securities commissions.
CONTACT: Acasti Contact: Tina Sampalis President +1 450.686.4555 t.sampalis@acastipharma.com www.acastipharma.com Xavier Harland Chief Financial Officer +1.450.687.2262 x.harland@acastipharma.com www.acastipharma.com Howard Group Contact: Bob Beaty (888) 221-0915 bob@howardgroupinc.com www.howardgroupinc.com