05:56:25 EDT Tue 19 Mar 2024
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or Name
USA
CA



Acasti Pharma Inc (2)
Symbol ACST
Shares Issued 25,638,215
Close 2018-04-23 C$ 1.31
Market Cap C$ 33,586,062
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Acasti Pharma prices $10-million overnight offering

2018-04-24 12:24 ET - News Release

Mr. Jan D'Alvise reports

ACASTI PHARMA PRICES $10 MILLION UNDERWRITTEN OFFERING

In connection with Acasti Pharma Inc.'s overnight marketed public offering previously announced on April 23, 2018, it has entered into an underwriting agreement with Mackie Research Capital Corp. to sell 9.53 million units of the company at a price of $1.05 per unit, with each such unit comprising one common share and one common share purchase warrant of the company exercisable at any time up to five years following the closing of the offering at an exercise price of $1.31 per common share, for aggregate gross proceeds to Acasti of $10,006,500.

The company has also granted the underwriters an overallotment option to purchase up to 1,429,500 units, at the offering price, exercisable at any time up to 30 days after the closing date of the offering, for additional aggregate gross proceeds to Acasti of $1,500,975.

The offering is being completed at a critical juncture for the company, as currently more than 50 clinical sites have been initiated and are actively screening and enrolling patients in the two TRILOGY phase 3 clinical studies for Acasti's product candidate CaPre (omega-3 phospholipid). Achievement of this important financing milestone ensures that patient randomization can continue to progress as planned without interruption. This offering addresses the previously disclosed stated need for the company to raise additional capital in the current time frame to support the continued development of CaPre and the continuing expansion of business development and precommercialization activities.

The net proceeds received by the company from the offering are more specifically intended to be used by the company for the further development of CaPre and the continued advancement of the company's phase 3 program, including continued clinical site activation; progression of patient enrolment and randomization; production of additional clinical material (both CaPre and placebo); initial planning of Acasti's regulatory (NDA) submission; expansion of business development activities; working capital; and other general corporate purposes.

The offering is scheduled to close on or about the week of May 7, 2018, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange and the Nasdaq Stock Market.

About Acasti Pharma Inc.

Acasti Pharma is a biopharmaceutical innovator advancing a potentially best-in-class cardiovascular drug, CaPre (omega-3 phospholipid), for the treatment of hypertriglyceridemia, a chronic condition affecting an estimated one-third of the U.S. population. Since its founding in 2008, Acasti Pharma has focused on addressing a critical market need for an effective, safe and well-absorbing omega-3 therapeutic that can make a positive impact on the major blood lipids associated with cardiovascular disease risk. CaPre is being evaluated in a phase 3 clinical program in patients with severe hypertriglyceridemia, a market that includes three million to four million patients in the U.S. and may expand significantly if omega-3s demonstrate long-term cardiovascular benefits in continuing outcomes studies. Acasti's strategy is to commercialize CaPre in the U.S. and the company is pursuing partnerships to market CaPre in major countries around the world.

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