LAVAL, QC, Oct. 21 /PRNewswire-FirstCall/ - Acasti Pharma Inc., a pharmaceutical subsidiary of Neptune Technologies & Bioressources Inc. ("Neptune") (NASDAQ.NEPT - TSX.V.NTB) today announced that it has acquired a majority of the 9,380,355 non-convertible notes issued by Neptune on August 11, 2008 in payment of the dividend declared July 17, 2008. Acasti Pharma offered to acquire the notes in exchange for the issuance by Acasti Pharma of up to 9,380,355 units, each unit comprised of one Class A share of Acasti Pharma and one warrant to purchase one Class A share of Acasti Pharma, exercisable at a price of $0.40 and expiring in two years ("the Exchange"). To complete the Exchange, Neptune will also transfer to eligible Neptune option holders Acasti Pharma warrants at the same exercise price of $0.40 expiring in two years.
The Exchange was approved by the shareholders of Neptune at the annual and special meeting of Neptune shareholders on September 25, 2008 and by the TSX Venture Exchange. Neptune will not receive any consideration for the Exchange. There is presently no market for the shares or warrants of Acasti Pharma, nor will there be following the Exchange.
About Acasti Pharma
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 Pharma is focusing initially on
treatments for chronic cardiovascular conditions
|SOURCE NEPTUNE TECHNOLOGIES & BIORESSOURCES INC.|
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