Acasti Oversubscribes Rights Offering

Acasti Pharma
TSXV: APO
Shares Outstanding: 64.4 million
Fully Diluted: 73.6 million

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In the midst of continued market turmoil, Acasti announced today that its Rights Offering which closed on September 14th has been oversubscribed and as a result the company raised over $8 million. As part of the Rights Offering the company issued the maximum number of shares allowable – 6,445,444 shares.

According to management, “The proceeds from the Rights Offering will be used to accelerate the development of CaPre(TM), Acasti's prescription drug candidate directed primarily toward the US clinical development plan. The funds will also be used for the commercialization of Onemia(TM), Acasti's medical food product and for the development of new Over-the-counter (OTC) combination products. Remaining proceeds will be used for business development purposes and increasing working capital."

To view the full news release, please click here