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| Neptune Financial Strategy Results in Warrants exercise for $4.6M |
| Monday, December 06 2010 | |||||||
Neptune Technologies & Bioressources Inc. Financial Strategy Results in Warrants exercise for $4.6M
Laval,
Québec, CANADA – December 6, 2010 – Neptune Technologies & Bioressources Inc. (“Neptune”) (NASDAQ: NEPT – TSX-V: NTB) and Acasti Pharma Inc. (“Acasti”) report on the exercise of Acasti Series II, III and V warrants and Neptune Call-Options on Acasti shares (the “Calls”) for total gross proceeds of $4,623,403. Neptune has exercised Series III and V Warrants for total proceeds of $2,091,000. As of November 30, 2010 Neptune owns 33,697,733 class A shares and 4,950,000 multi-voting class B shares (10 vote per share) of Acasti, which represents 57% of Acasti class A shares and 76% of Acasti voting rights. Assuming the conversion of the class B shares into class A shares at a ratio of 1:1, Neptune would own 60% of Acasti class A shares outstanding corresponding to 60% of Acasti voting rights. “This equity raise is in line with the strategic plan initially established in 2008 by Neptune’s management for the development and financing of Neptune and Acasti, resulting in a cumulative financing of $6,267,503 during the current fiscal year from derivative exercises, which will contribute to the development and value creation of Neptune and its subsidiaries,” said Xavier Harland, Director, Finance. About
Neptune
Technologies & Bioressources Inc. Neptune is an
industry-recognized leader in the innovation, production and
formulation of science-based and clinically proven novel phospholipid
products for the nutraceutical and pharmaceutical markets. The
Company focuses on growing consumer health markets including
cardiovascular, inflammatory and neurological diseases driven by
consumers taking a more proactive approach to managing health and
preventing disease. The Company sponsors clinical trials aimed to
demonstrate its product health benefits and to obtain regulatory
approval for label health claims. Neptune is continuously expanding
its intellectual property portfolio as well as clinical studies and
regulatory approvals. Neptune’s products are marketed and
distributed in over 20 countries worldwide. Acasti Pharma is developing a product
portfolio of proprietary novel long-chain omega-3 phospholipids.
Phospholipids are the major component of cell membranes and are
essential for all vital cell processes. They are one of the
principal constituents of High Density Lipoprotein (good
cholesterol) and, as such, play an important role in modulating
cholesterol efflux. Acasti Pharma’s proprietary novel phospholipids
carry and functionalize the polyunsaturated omega-3 fatty acids EPA
and DHA, which have been shown to have substantial health benefits
and which are stabilized by potent antioxidants. Acasti Pharma is
focusing initially on treatments for chronic cardiovascular
conditions within the over-the-counter, medical food and
prescription drug markets. NeuroBioPharm
is pursuing pharmaceutical neurological applications, and a
clinical study for a medical food product with a multinational
partner is already initiated. The development of a prescription drug
candidate is currently in progress. Advanced clinical development
and commercialization is planned to be carried out with
multinational partners.
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Investors Relations firms
Please contact the following Investors Relations firms :
CANADA
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Mr. Bob Beaty Toll Free: 1-888-221-0915 +1 403 221.0915 [email protected] www.howardgroupinc.com |
USA
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Mr. Dan Schustack 212 732.4300 [email protected] www.ceocast.com |
- TOLL-FREE (Canada-USA): 1-888-664-9166
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