Acasti Pharma Prices Public Offering Of 16.00 Mln Units At $1.25 Per Unit

(RTTNews) - Acasti Pharma Inc. (ACST, APO.V) announced Wednesday that it has priced an underwritten public offering of 16.00 million units of Acasti at a price of US$1.25 per Unit, each Unit consisting of one Class A share and one Common Share purchase warrant of Acasti.

Each Warrant will entitle the holder to purchase one Common Share at an exercise price of US$1.50 per Warrant Share, subject to adjustment, at any time until 5:00 p.m. (Montreal time) on the date that is the fifth anniversary of the closing of the offering. The gross proceeds to Acasti, before underwriting commissions and other offering expenses, are expected to be approximately US$20 million.

Euro Pacific Canada Inc. is acting as book-running manager for the offering, and National Securities Corporation is acting as co-manager. Roth Capital Partners, LLC acted as financial advisor for this offering. Acasti has granted the underwriters of the offering an option to purchase an additional 2.40 million Units at the public offering price during the period ending 30 days from the closing of the offering.

Acasti estimates that the net proceeds from the offering will be approximately US$18 million, after deducting the underwriting commissions and other offering expenses. Acasti intends to allocate the net proceeds from the offering as follows: approximately US$1 million to complete its current Phase II double blind clinical trial (TRIFECTA); approximately US$2 million to initiate and complete its proposed pharmacokinetic trial of CaPre in the United States; 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); approximately $5 million to initiate and complete its proposed DART (developmental and reproductive toxicology) and CARCINO (carcinogenicity testings) nonclinical studies; and the balance, if any, for general corporate and other working capital purposes.

Neptune Technologies & Bioressources Inc., the Corporation's parent company and controlling shareholder, will be acquiring US$750,000 of Units in the offering.

The closing of the offering is expected to occur on or about December 3, 2013 or such other date that Acasti and the underwriters agree upon 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.