Wednesday, 22 May 2013

Neptune & Acasti Issue Year End Results & Provide Update

Neptune Technologies and Biorresources
TSX: NTB – NASDAQ: NEPT
Basic Shares: 60.0 million
Fully Diluted: 67.5 million
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Today’s Fiscal 2013 (Feb. 29th) yearend financial results news from Neptune highlighted the fact that in spite of the Sherbrooke plant explosion last November, the company was still able to generate sales of just under $4.6 million from the nutraceutical side of the business.

Other key points from the news releases:
  • The necessary permits to begin rebuilding Neptune’s production plant were recently received.
  • Construction is expected to start prior to the end of August.
  • The facility is expected to have the capacity to produce more than 150,000 kilograms of krill oil per year.
  • The initial $21 million cost of the expansion project has increased to approximately $30 million, largely due to the addition of processing equipment. The increased cost is expected to be funded predominantly by insurance recoveries associated with the incident, including approximately $6.7 million received to date and by project financing.
  • Three confirmed (outsourcing) options are now being evaluated and a choice should be made by the end of the second quarter of this fiscal year (August 31, 2013).
  • Patient recruitment for Acasti Open Label - COLT trial completed.
  • Acasti continues to make good progress on its two Phase II clinical trials designed to evaluate the effect of different daily doses of CaPre® on patients with high to very high triglyceride levels. Patient recruitment for the open-label dose ranging study (COLT) has now been completed and a final report is projected for this summer. Results for the double blind placebo controlled study (TRIFECTA) are expected to be available during the first half of 2014.
Neptune will be hosting an investor conference call tomorrow morning.
Here are the details:

Date: Thursday, May 23, 2013
Time: 9:00 a.m. Eastern Time
Conference ID: 70455786
Call: Within Canada & the U.S., dial toll‐free 1‐877-380-5664. Outside Canada and the U.S., dial 1‐631-813-4882.

Management will accept questions by telephone during the Q&A period at the end of the presentation.
Questions can also be forwarded in advance or during the presentation to the following email address: f.harland@neptunebiotech.com.

An archived recording of the calls will be available on Neptune’s website (www.neptunebiotech.com) following the presentation.

To view Neptune’s news release, click here.

To view Acasti’s news release, click here.