Neptune Technologies Further Advances Its Cardiovascular Pharmaceutical Development Through Its New Operating Subsidiary Acasti Pharma
Acasti Pharma Develops Cardiovascular Pharmaceutical Products for
the Over-The-Counter, the Medical Food and the Prescription Drug
Markets
LAVAL, Quebec--(Business Wire)--
Neptune Technologies & Bioressources Inc. ("Neptune")
(NASDAQ:NEPT) (TSX VENTURE:NTB) announces the formation of an
operating pharmaceutical subsidiary named Acasti Pharma Inc. Neptune
structured part of its pharmaceutical operations into its subsidiary
Acasti Pharma to carry out the research, development and
commercialization of active pharmaceutical ingredients ("API") for
chronic cardiovascular disease. According to its business strategy,
Acasti Pharma will pursue negotiations with the objective to enter
strategic pharmaceutical alliances.
During the last fiscal year, Neptune has advanced its internal
pharmaceutical operations to a point requiring important structural
decisions within the organization. In order to further advance the
cardiovascular pharmaceutical program, Neptune has now granted to
Acasti Pharma a license to rights of its intellectual property
portfolio related to cardiovascular applications. The transfer of this
license allows Acasti Pharma to exploit intellectual property rights
in order to develop novel active pharmaceutical ingredients into
commercial products for three pharmaceutical markets, namely the
over-the-counter (OTC), the medical food (MF) and the prescription
drug (Rx) market.
The license was transferred to the pharmaceutical subsidiary in
the exchange of 25 million category C shares, 5 million multi-voting
category B shares, and 8 million warrants expiring on July 31, 2010
for an aggregate value of $9 million. Acasti Pharma will pay royalties
to Neptune from licensed product sales in the cardiovascular field
with a minimum annual royalty payment for each of the three
pharmaceutical markets. Neptune ascribed a fraction of its warrants
held in its subsidiary to employees, officers and administrators.
Acasti Pharma is responsible for carrying out the research and
development of the APIs, as well as required regulatory submissions
and approvals and intellectual property filings with regards to
cardiovascular applications. Acasti Pharma is preparing an
investigational new drug application (IND) with the Food and Drug
Administration (FDA) in the United States and a clinical trial
application (CTA) with Health Canada.
Acasti Pharma is leveraging the intellectual property, clinical
data and know how gained by Neptune during the last ten years by
advancing a portfolio of proprietary novel omega-3 phospholipids
through the pharmaceutical development pathway for prescription
medical food, over-the-counter and prescription drug applications.
Neptune has already demonstrated through clinical trials that Neptune
Krill Oil (NKO(R)), a patented composition containing proprietary
novel omega-3 phospholipids, can reduce LDL -bad cholesterol- levels
and can raise HDL -good cholesterol- levels. These clinical results
with pilot precursors offer a great degree of comfort and reassurance
of the effectiveness and proof of concept of Acasti Pharma API's.
Neptune is continuing the development of all its other pharmaceutical
applications, including cognitive diseases development.
About Acasti Pharma
Acasti Pharma is currently wholly owned by Neptune and is governed
by the Board of Directors of Neptune. Its head office is located at
the same address as Neptune at 225 Promenade du Centropolis, Suite
200, Laval, Quebec, Canada H7T 3B3.
Acasti Pharma will be managed by the present Chief Scientific
Officer of Neptune, Tina Sampalis B.Sc., M.D., Ph.D. as President,
supported by Bruno Battistini B.Sc., M.Sc., Ph.D. as Senior Director
of Pharmaceutical R&D and Wael Massrieh B.Sc., Ph.D. as, Director of
R&D. Dr. Battistini conducted his postdoctoral studies at William
Harvey Research Institute, London, UK with Sir J. Vane, FRS, Nobel
Laureate; UBC-St.Paul's Hospital, Vancouver and Sherbrooke University.
He has led as VP, R&D and CSO IND-enabling preclinical studies
successfully reaching phase I trial in less then three years. Dr. Wael
Massrieh joined Neptune in October 2007 after working as Director of
R&D at Biomechanics. He completed his studies at McGill University in
Montreal. The President and CEO of Neptune, Mr. Henri Harland B.Sc.,
M.B.A., will lead the Acasti Pharma management team as Chief Executive
Officer. The business, finance and administration teams of Neptune
along with its technical and laboratory facilities and personnel will
support Acasti Pharma's operations and technological requirements.
Acasti Pharma's Scientific Advisory Board is comprised of Steven
E. Nissen M.D. MACC, Chairman, Cleveland Clinic, Cardiovascular
Medicine, & Past President, American College of Cardiology, Magdy M.
Abdel-Malik Ph.D., Former Global External Opportunities, Pfizer
Consumer Healthcare, NJ and Thomas G. Hartman Ph.D., Mass Spectrometry
Lab Manager at Rutgers University Center for Advanced Food Technology.
Two additional Scientific Advisory Board members will be appointed in
the future.
Acasti Pharma's product portfolio of proprietary novel long-chain
omega-3 phospholipids are sourced from sustainable abundant marine
biomass including Antarctic krill (Euphausia superba). 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 play, as such, 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 is focusing initially on treatments for
chronic cardiovascular conditions.
About Neptune
Neptune researches and develops proprietary bioactive ingredients
and products for nutraceutical and pharmaceutical applications and is
carrying out clinical research to show the therapeutic benefits in
various medical indications. The Company patents and protects its
innovations and continuously expands its intellectual property
portfolio. Neptune has already obtained many regulatory approvals
allowing commercialization of its products in various geographic
markets and has filed for and is expecting additional approvals.
Neptune continues to strongly support its strategic development plan
to form partnerships with worldwide leaders in the nutraceutical
industries. Neptune signed agreements with Nestle and Yoplait,
worldwide leading food manufacturers, and paved its entrance into the
global functional food market.
Neither NASDAQ nor TSX venture exchange accepts responsibility for
the adequacy or accuracy of this press release.
Statements in this press release that are not statements of
historical or current fact constitute "forward-looking statements"
within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995 and Canadian securities laws. Such forward-looking
statements involve known and unknown risks, uncertainties, and other
unknown factors that could cause the actual results of the Company 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,"
"will," or "plans" to be uncertain and forward-looking. The
forward-looking statements contained herein are also subject generally
to other risks and uncertainties that are described from time to time
in the Company's reports filed with the Securities and Exchange
Commission and the Canadian securities commissions.
Neptune Technologies & Bioressources Inc.
Acasti Pharma Inc.
Toni Rinow, Ph.D., MBA
Corporate Development & Investor Relations
450-687-2262
t.rinow@neptunebiotech.com
www.neptunebiotech.com
Copyright Business Wire 2008
