Tuesday, 3 December 2013

Acasti Closes $23 Million Private Placement

Acasti Pharma
TSX V: APO
NASDAQ: ACST
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Acasti Pharma announced today that it closed its private placement for US$23 million. Significant to the raise, the underwriters – Euro Pacific Canada, National Securities, Roth Capital Partners and H.C. Wainwright & Co. – exercised its greenshoe option because of high demand, which allowed the syndicate to over subscribe the private placement by US$3 million. In total, 18.4 million units were sold with each unit consisting of one share priced at US$1.25, and one five-year warrant with an exercise price of US$1.50.

After fees are paid, Acasti estimates that the net proceeds from the offering will be approximately US$20.8 million. Acasti intends to allocate the net proceeds from the offering as follows:
  1. Approximately US$1 million to complete its current Phase II double blind clinical trial (TRIFECTA);
  2. Approximately US$2 million to initiate and complete its proposed pharmacokinetic trial of CaPre® in the United States;
  3. Approximately US$8 million to initiate and complete a Phase III clinical trial to investigate the safety and efficacy profile of CaPre® in a patient population with very high triglycerides (>500 mg/dL);
  4. Approximately US$5 million to initiate and complete its proposed DART (developmental and reproductive toxicology) and CARCINO (carcinogenicity testings) nonclinical studies;
  5. The balance for general corporate and other working capital purposes.
To view today’s news release, please click here…