Neptune Announces Issuance of Shares Under Previously Announced Royalty Prepayment Agreement That Increases Its Equity Particip
12 Julio 2013 - 9:43PM
Neptune Technologies & Bioressources Inc.
("
Neptune") (Nasdaq:NEPT) (TSX:NTB) announces
today it has acquired, through the exercise of a previously issued
warrant (the "
Warrant"), 6,750,000 Class A common
shares (the "
Shares") in the capital of Acasti
Pharma Inc. ("
Acasti"), a majority-owned
subsidiary of Neptune. The Shares were acquired at a price of
CDN$2.30 per Share upon the exercise of the Warrant. This reflects
a total exercise price of approximately CDN$15.5 million. The
Warrant was delivered to Neptune pursuant to a royalty prepayment
agreement, dated December 4, 2012, entered into between Neptune and
Acasti (the "
Prepayment Agreement"), under which
Acasti has exercised the option embedded in its exclusive
technology license agreement dated August 7, 2008 entered into
between Acasti and Neptune (the "
License
Agreement") to pay in advance all of the future royalties
payable under the License Agreement.
As a result of the royalty prepayment transaction, Acasti is no
longer required to pay any royalties to Neptune under the License
Agreement during its term for the use of the intellectual property
under license.
The exercise of the Warrant has increased Neptune's equity
participation in Acasti from approximately 57% to approximately 60%
as at July 12, 2013.
The Prepayment Agreement and the issuance of the Shares to
Neptune have been approved by the TSX Venture Exchange and the
disinterested shareholders of Acasti (excluding Neptune and
non-arm's length parties to Neptune) at the annual meeting of
shareholders of Acasti held on June 27, 2013.
About Neptune Technologies & Bioressources
Inc.
Neptune is a biotechnology company engaged primarily in the
development and commercialization of marine-derived omega-3
polyunsaturated fatty acids, or PUFAs. Neptune has a patented
process of extracting oils from Antarctic krill, which omega-3
PUFAs are then principally sold as bulk oil to Neptune's
distributors who commercialize them under their private label
primarily in the U.S., European and Asian neutraceutical markets.
Neptune's lead products, Neptune Krill Oil (NKO®) and ECOKRILL Oil
(EKO™), generally come in capsule form and serve as a dietary
supplement to consumers.
Through its subsidiaries Acasti (TSX-V:APO) and NeuroBio, in
which Neptune respectively holds 60% and 99% of the voting rights,
Neptune is also pursuing opportunities in the medical food and
prescription drug markets. Acasti and NeuroBio respectively focus
on the research and development of safe and therapeutically
effective compounds for highly prevalent atherosclerotic
conditions, such as cardiometabolic disorders and cardiovascular
diseases, and for neurodegenerative and inflammation related
conditions. Acasti's lead prescription drug candidate is CaPre®, a
purified hiogh omega-3 phospholipid concentrate derived from
Neptune krill oil being developed to address the prevention and
treatment of cardiometabolic disorders, including
hypertriglyceridemia, which is characterized by abnormally high
levels of triglycerides.
Forward Looking Statements
Certain statements included in this press release may be
considered forward-looking information within the meaning of
Canadian securities laws and forward-looking statements within the
meaning of U.S. federal securities laws, both of which we refer to
as forward-looking statements. Such statements involve known and
unknown risks, uncertainties and other factors that may cause
results, performance or achievements to be materially different
from those implied by such statements, and therefore these
statements should not be read as guarantees of future performance
or results. All forward-looking statements are based on Neptune's
current beliefs as well as assumptions made by and information
currently available to Neptune and relate to, among other things,
Neptune's strategy, strategic goals, research and development
activities, research and clinical testing outcome, future
operations, future financial position, future revenues/results,
projected costs, prospects and plans and objectives of
management.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Due to risks and uncertainties, including the risks
and uncertainties identified by Neptune in its annual information
form dated May 29, 2013 and in its public securities filings
available at www.sedar.com and www.sec.gov/edgar.shtml, actual
events may differ materially from current expectations. Except as
required by law, Neptune disclaims any intention or obligation to
update or revise any forward-looking statements.
CONTACT: Neptune Contact:
Neptune Technologies & Bioressources Inc.
Andre Godin, CFO
+1.450.687.2262
a.godin@neptunebiotech.com
www.neptunebiotech.com
Howard Group Contact:
Dave Burwell
(888) 221-0915
dave@howardgroupinc.com
www.howardgroupinc.com
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