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Acasti Pharma prices US, Canada public offerings to fund late-stage study

Acasti Pharma Inc. priced its previously announced underwritten public offerings in the U.S. and Canada at US$1 and C$1.28 apiece, respectively.

The Laval, Quebec-based pharmaceutical company plans to sell 16,600,000 common shares in the U.S. offering, plus a 30-day overallotment option for the underwriters to buy up to 2,490,000 additional common shares. The gross proceeds for the share sale are expected to be about US$16.6 million. The offering is set to close on or about Oct. 9.

Net proceeds of the offering will fund Acasti Pharma's late-stage cardiovascular drug trial called Trilogy, global partnering discussions, working capital and general corporate purposes. The phase 3 Trilogy study is evaluating the safety and effectiveness of experimental drug CaPre to treat severe hypertriglyceridemia, a chronic metabolic condition that heightens the risk of pancreatic and heart diseases.

Oppenheimer & Co. Inc. is acting as sole book-running manager for the proposed offering, with Aegis Capital Corp. as co-manager.

The Canadian offering, meanwhile, includes C$24 million of common shares.