Acasti Pharma Inc., a biopharmaceutical company that focuses on the research, development and commercialization of new krill oil-based forms of omega-3 phospholipid therapies for the treatment of certain cardiometabolic disorders has announced its results for the three and six month periods that ended August 31, 2014.
For the three months that ended August 31, 2014, Acasti saw revenues of $8,000, compared to $266,000 for the same period last year. Research and development expenses hit $1,803,000 this quarter, compared to $1,526,000 for the same period last year. Net loss also grew to $3,712,000 from $3,238,000 from last year. However, sales are being generated with the commercialization of Onemia, a medical food product.
For the six months ending August 31, 2014, the company logged revenues of $64,000, compared to $273,000 for the same period last year, while research and development costs sat at $3,022,000 compared to $2,304,000 for the same period last year. The company’s net loss for the six month period sat at $2,356,000, compared to $5,203,000 one year ago.
Moving forward, the company is focusing on achieving full regulatory approval of CaPre. This comes as Dr. Harlan W. Waksal, M.D. has stepped down as executive vice president at Acasti following his recent appointment as president and CEO of Kadmon Corporation, though he remains on Acasti’s Board of Directors.
“Over the years, Dr. Waksal has made a valuable contribution to Acasti’s success and we look forward to his continued leadership and guidance on Acasti’s Board,” said Mr. Jerald J. Wenker, Acasti’s Chairman, in a press release.
