Neptune, Acasti and NeuroBioPharm Announce Litigation Regarding its Former Chief Executive Officer
30 Mayo 2014 - 7:00AM
Marketwired
Neptune, Acasti and NeuroBioPharm Announce Litigation Regarding its
Former Chief Executive Officer
LAVAL, QUEBEC--(Marketwired - May 30, 2014) - Neptune
Technologies & Bioressources Inc. ("Neptune")
(TSX:NTB)(NASDAQ:NEPT), Acasti Pharma Inc. ("Acasti")
(TSX-VENTURE:APO)(NASDAQ:ACST) and NeuroBioPharm Inc. ("NeuroBio")
today jointly announce that Henri Harland, the former President and
Chief Executive Officer of each of Neptune, Acasti and NeuroBio,
has filed a lawsuit against Neptune and its subsidiaries in
connection with his departure as President and Chief Executive
Officer of each of Neptune, Acasti and NeuroBio. Mr. Harland
resigned as President and Chief Executive Officer of Neptune,
Acasti and NeuroBio on April 28, 2014.
Among other things, Mr. Harland is alleging that his resignation
occurred as a result of a constructive dismissal and is seeking
approximately $8.5 million in damages, interest and costs. In
addition, Mr. Harland is seeking from Neptune, Acasti and NeuroBio,
as applicable, the issuance of 500,000 shares of each of Neptune,
Acasti and NeuroBio as well as two blocks of 1,000,000 call options
each on the shares held by Neptune in Acasti and NeuroBio. Neptune
and its subsidiaries believe the claim as formulated to be without
merit or cause, will vigorously defend this lawsuit and will take
any steps necessary to protect their interests. As a result of
these circumstances, Mr. Harland has been requested to resign as
Director.
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 ("PUFAs"). Neptune has a patented
process of extracting oils from Antarctic krill, and principally
sells omega-3 PUFAs as bulk oil to Neptune's distributors who
commercialize them under their private label primarily in the U.S.,
European and Australian nutraceutical markets. Neptune's products
generally come in bulk oil or capsule form and serve as a dietary
supplement to consumers. Neptune's head office is located at 545
Promenade du Centropolis, Suite 100, Laval, Quebec.
Neptune respectively holds approximately 49% of the
participating and voting rights of Acasti and 95% of the voting
rights of NeuroBio. Through these subsidiaries, 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 high 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.
About Acasti Pharma
Inc.
Acasti is an emerging biopharmaceutical company focused on the
research, development and commercialization of new krill oil-based
forms of omega-3 phospholipid therapies for the treatment and
prevention of certain cardiometabolic disorders, in particular
abnormalities in blood lipids, also known as dyslipidemia. Because
krill feeds on phytoplankton (diatoms and dinoflagellates), it is a
major source of phospholipids and PUFAs, mainly eicosapentaenoic
acid ("EPA") and docosahexaenoic acid ("DHA"), which are two types
of omega-3 fatty acids well known to be beneficial for human
health. CaPre®, currently Acasti's only prescription drug
candidate, is a highly purified omega-3 phospholipid concentrate
derived from krill oil and is being developed to help prevent and
treat hypertriglyceridemia, which is a condition characterized by
abnormally high levels of triglycerides in the bloodstream.
ONEMIA®, a medical food and currently Acasti's only commercialized
product, is a purified omega-3 phospholipid concentrate derived
from krill oil with lower levels of phospholipids, EPA and DHA
content than CaPre®.
About NeuroBioPharm
Inc.
NeuroBio is an emerging biopharmaceutical company focused on the
research, development and commercialization of new marine based
omega‐3 phospholipid therapies for use in the human neurological
field, including conditions, abnormalities and/or diseases related
to cognitive functions such as attention, memory, concentration and
learning and the management of neurological and neurodevelopmental
disorders from prevention to treatment. NeuroBio is currently in
the early stages of developing novel active pharmaceutical
ingredients into commercial products for the medical food, the
over‐the‐counter and the prescription drug markets. Particular
focus is being given to attention-deficit hyperactivity disorder,
cognitive functions, including memory and concentration, along with
mood disorders, such as anxiety and depression.
Forward Looking
Statements
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. securities laws 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 Neptune, Acasti and NeuroBio to be
materially different from historical results or from any future
results expressed or implied by such forward-looking statements.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The forward-looking statements contained herein are
also subject generally to other risks and uncertainties that are
described from time to time in Neptune, Acasti and NeuroBio's
public securities filings with the Securities and Exchange
Commission and the Canadian securities commissions. Except as
required by law, Neptune, Acasti and NeuroBio disclaim any
intention or obligation to update or revise any forward-looking
statements.
"Neither NASDAQ, the Toronto Stock Exchange nor the TSX
Venture Exchange accepts responsibility for the adequacy or
accuracy of this release."
Neptune, Acasti and NeuroBio Contacts:Andre GodinInterim Chief
Executive Officer,
Neptune+1.450.687.2262a.godin@neptunebiotech.comJohn
RipplingerInvestor
Relations+1.450.687.2262j.ripplinger@neptunebiotech.comwww.neptunebiotech.com
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