Navigation Links
Neptune Technologies successfully completes $2.75 million private placement with 10% management participation
Date:10/9/2008

Proceeds to be used to support the achievement of several value-creating

developments and commercial milestones of Acasti Pharma

LAVAL, QC, Oct. 9 /PRNewswire-FirstCall/ - The Board of Directors of Neptune Technologies & Bioressources Inc. ("Neptune") (NASDAQ.NEPT - TSX.V.NTB) today announced that the Company successfully completed as of October 8, 2008, the private placement of units of convertible debentures for gross proceeds of $2,750,000.

The convertible debentures bear interest at the rate of 8% per year and mature three years from issuance. Upon maturity, the convertible debentures may be redeemed by Neptune in cash or converted, with a premium, into Neptune common shares. The proceeds from this financing will be invested by Neptune into Acasti Pharma in order to reach several value-creating development and commercial milestones within Acasti Pharma's over-the-counter, prescription medical food and prescription drug programs. The Board of Directors' decision to proceed with the private placement up to a maximum of $2,750,000 was influenced by its desire to provide for minimum dilution while allowing Acasti Pharma to reach critical milestones during the next two years, which is expected to create substantial value for all shareholders.

Each unit of the private placement is comprised of a $1,000 convertible debenture, 400 warrants to acquire shares of Neptune at $1.25 per share and 400 call options allowing the holder to acquire from Neptune an equal number of Acasti Pharma Class A shares, priced at $0.25 per share, in each case expiring on April 30, 2010.

During a period of two years from the date of issuance, the debentures may be converted into units, each comprised of one Neptune common share priced at $1.25 for the principal portion of the convertible debenture and at market price of Neptune common shares for the accrued interest and one-half warrant exercisable at market price. During the time period from June 1, 2009 until November 30, 2010, the debentures may also be converted into Acasti Pharma units, each comprised of one Acasti Pharma common share and of one call option on the common shares of Acasti Pharma owned by Neptune. The conversion ratio of the debenture into common shares and call options increases over time, from $0.25 to $1.00 for the common shares and $0.50 to $1.50 for the call options, in order to reflect the value creation achieved through the attainment of several development and commercial milestones.

In the event that all debentures are converted into Neptune shares, the conversion of the debentures will result in the issuance of a maximum of 2,200,000 common shares of Neptune and if all warrants are exercised, it will generate at least an additional amount of $2,750,000 and also result in the issuance of 2,200,000 common shares. All securities issued pursuant to this private placement may not be transferred for a period of four (4) months following the closing of the private placement.

In addition to third-party investors, insiders also subscribed for 10% of the private placement illustrating the strong commitment of management to the growth of Neptune and Acasti Pharma.

About Acasti Pharma

Acasti Pharma's product portfolio includes proprietary novel long-chain omega-3 phospholipids 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 the research and development of treatments for chronic cardiovascular conditions.

About Neptune Technologies

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 of its products in various medical indications. The Company patents and protects its innovations and is continuously expanding 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 industry. Neptune has entered into 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.


'/>"/>
SOURCE NEPTUNE TECHNOLOGIES & BIORESSOURCES INC.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Neptune Reports Year End Financial Results - Neptune Records 18% Sales Increase and 43% EBITDA Increase in Year End Results
2. Neptune Technologies & Bioressources Inc. Reports First Quarter Results and Business Update
3. Neptune strengthens scientific operations with the appointment of a new Scientific Advisory Board
4. Neptune Technologies & Bioressources Inc. Secures Access to Nationwide Consumer Mass Market in the United States
5. Neptune Technologies & Bioressources Inc. obtains Complementary Medicine approval in Australia for NKO(R)
6. Neptune Technologies receives GRAS notification in the United States
7. Neptune Technologies expands into medicinal markets in Asia Pacific
8. Neptune Technologies patent granted for novel phospholipids in multiple diseases and pharmaceutical applications
9. The Omega-3 Industry Leader, Croda Health Care, selects Neptune Technologies Ingredients for New Essentially Brand
10. Neptune Technologies & Bioressources Inc. reports third quarter results and update on strategic milestones
11. Neptune Technologies Reports Record Fiscal 2008 Fourth Quarter and Year End Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2016)... SILVER SPRING, Md. , June 23, 2016 ... evidence collected from the crime scene to track the criminal ... sick, and the U.S. Food and Drug Administration (FDA) uses ... Sound far-fetched? It,s not. ... whole genome sequencing to support investigations of foodborne illnesses. Put ...
(Date:6/23/2016)... --  EpiBiome , a precision microbiome engineering company, today ... from Silicon Valley Bank (SVB). The financing will allow ... drug development efforts, as well as purchase additional lab ... been an incredible strategic partner to us – one ... provide," said Dr. Aeron Tynes Hammack , EpiBiome,s ...
(Date:6/23/2016)... 23, 2016  Blueprint Bio, a company dedicated to ... medical community, has closed its Series A funding round, ... "We have received a commitment from Forentis ... need to meet our current goals," stated Matthew ... runway to complete validation on the current projects in ...
(Date:6/23/2016)... ... 2016 , ... Velocity Products, a division of Morris Group, ... exclusively for Okuma CNC machining centers at The International Manufacturing Technology Show, IMTS, ... companies with expertise in toolholding, cutting tools, machining dynamics and distribution, Velocity SMART ...
Breaking Biology Technology:
(Date:6/2/2016)... NEW YORK , June 2, 2016   The ... (Weather), is announcing Watson Ads, an industry-first capability in which ... advertising, by being able to ask questions via voice or ... Marketers have long ... with the consumer, that can be personal, relevant and valuable; ...
(Date:5/20/2016)... -- VoiceIt is excited to announce its new marketing ... working together, VoiceIt and VoicePass will offer an ... slightly different approaches to voice biometrics, collaboration between ... Both companies ... "This marketing and technology partnership allows VoiceIt ...
(Date:5/3/2016)... , May 3, 2016  Neurotechnology, a provider ... MegaMatcher Automated Biometric Identification System (ABIS) , ... multi-biometric projects. MegaMatcher ABIS can process multiple complex ... any combination of fingerprint, face or iris biometrics. ... SDK and MegaMatcher Accelerator , which ...
Breaking Biology News(10 mins):