Acasti Pharma Provides Update on Recent Financing Activities
January 27 2021 - 6:55AM
As required pursuant to the policies of the TSX Venture Exchange,
Acasti Pharma Inc. (“Acasti or the “Company”) (NASDAQ: ACST –
TSX-V: ACST) is providing an update on the use of its “at-the
market” equity offering program.
As previously disclosed, Acasti entered into an
amended and restated ATM sales agreement on June 29, 2020 (the
“Sales Agreement”) with B. Riley FBR Inc., Oppenheimer & Co.
Inc. and H.C. Wainwright & Co., LLC (collectively, the
“Agents”), to implement an “at-the market” equity offering program
under which Acasti may issue and sell from time to time its common
shares having an aggregate offering price of up to US$75 million
through the Agents (the “ATM Program”). Pursuant to the ATM
Program, as required pursuant to the policies of the TSX Venture
Exchange (“TSXV”), since the last distributions reported on August
13, 2020, Acasti issued an aggregate of 82,626,562 common shares
(the “ATM Shares”) over the NASDAQ Stock Market for aggregate gross
proceeds to the Company of US$28.5 million. The ATM Shares were
sold at prevailing market prices averaging US$0.3445 per share. No
securities were sold through the facilities of the TSXV or, to the
knowledge of the Company, in Canada. The ATM Shares were sold
pursuant to a U.S. registration statement on Form S-3 (No.
333-239538) as made effective on July 7, 2020, as well as the Sales
Agreement. Pursuant to the Sales Agreement, a cash commission of
3.0% on the aggregate gross proceeds raised was paid to the Agents
in connection with their services. As a result of the recent ATM
sales, Acasti has a total of 179,495,705 common shares issued and
outstanding as of January 26th, 2021.
The additional capital raised has strengthened
Acasti’s balance sheet and will provide the Company with additional
flexibility in its ongoing review process to explore and evaluate
strategic alternatives.
About Acasti
Acasti is a biopharmaceutical innovator that has
historically focused on the research, development and
commercialization of prescription drugs using OM3 fatty acids
delivered both as free fatty acids and bound-to-phospholipid
esters, derived from krill oil. OM3 fatty acids have extensive
clinical evidence of safety and efficacy in lowering triglycerides
in patients with hypertriglyceridemia, or HTG. CaPre, an OM3
phospholipid therapeutic, was being developed for patients with
severe HTG.
Forward
Looking
Statements
Statements in this press release that are not
statements of historical or current fact constitute
“forward-looking information” within the meaning of Canadian
securities laws and “forward-looking statements” within the meaning
of U.S. federal securities laws (collectively, “forward-looking
statements”). Such forward-looking statements involve known and
unknown risks, uncertainties, and other unknown factors that could
cause the actual results of Acasti to be materially different from
historical results or from any future results expressed or implied
by such forward-looking statements. In addition to statements which
explicitly describe such risks and uncertainties, readers are urged
to consider statements labeled with the terms “believes,” “belief,”
“expects,” “intends,” “anticipates,” “potential,” “should,” “may,”
“will,” “plans,” “continue”, “targeted” or other similar
expressions to be uncertain and forward-looking. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Forward-looking statements in this press release include, but are
not limited to, information or statements about Acasti’s strategy,
future operations and its review of strategic alternatives.
The forward-looking statements contained in this
press release are expressly qualified in their entirety by this
cautionary statement and the “Special Note Regarding
Forward-Looking Statements” section contained in Acasti’s latest
annual report on Form 10-K and quarterly report on Form 10-Q, which
are available on EDGAR at www.sec.gov/edgar.shtml, on SEDAR at
www.sedar.com and on the investor section of Acasti’s website at
www.acastipharma.com. All forward-looking statements in this press
release are made as of the date of this press release. Acasti does
not undertake to update any such forward-looking statements whether
as a result of new information, future events or otherwise, except
as required by law. The forward-looking statements contained herein
are also subject generally to assumptions and risks and
uncertainties that are described from time to time in Acasti’s
public securities filings with the Securities and Exchange
Commission and the Canadian securities commissions, including
Acasti’s latest annual report on Form 10-K and quarterly report on
Form 10-Q under the caption “Risk Factors”.
Neither NASDAQ, the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Acasti
Contact:Jan
D’AlviseChief Executive OfficerTel: 450-686-4555Email:
info@acastipharma.comwww.acastipharma.com
Investor
Contact:Crescendo
Communications, LLC Tel: 212-671-1020
Email: ACST@crescendo-ir.com
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