LAVAL, QC, July 15 /CNW Telbec/ - Neptune Technologies & Bioressources
Inc. ("Neptune") (NASDAQ.NEPT - TSX.V.NTB) announced today financial results
for the fiscal 2010 first quarter ended May 31, 2009 and provided updates on
plant and capacity expansion, an appointment to its Board of Directors and
During the three-month period ended May 31, 2009, Neptune undertook the
critical steps in order to expand production capacity at the Sherbrooke plant,
as previously planned, in order to meet current and forecasted demand. The
integration of new technical equipment into the manufacturing line and the
completion of the capacity expansion required a temporarily shut down of
manufacturing and production in the plant, which started in mid-April and
lasted several weeks during the fiscal quarter.
That expansion process has now been completed and the manufacturing plant
is currently scaling up its production to the new capacity expected to exceed
90,000 kg annually. During that time, the sales and marketing team has
continued to fill the order books and secured volume commitments for the next
Neptune continues to report positive EBITDA for Neptune Nutraceutical,
excluding Acasti Pharma and NeuroBioPharm, of $36,000 for the three-month
period ended May 31, 2009, even though the expansion process affected, in the
interim, the financial results during the fiscal quarter.
Neptune Financial Results
In point of fact, the plant expansion as well as the increase in R&D
spending temporarily affected the quarterly consolidated financial results.
Total revenue for the three-month period ended May 31, 2009 decreased by 8% to
$2,878,000 compared to $3,134,000 for the three-month period ended May 31,
Consolidated EBITDA decreased by $554,000 for the three-month period
ended May 31, 2009 to $(284,000) compared to $270,000 for the three-month
period ended May 31, 2008, also due to additional research and development
expenditures incurred in the pharmaceutical subsidiaries Acasti Pharma and
NeuroBioPharm and a decrease in gross margin attributed to additional costs
during the non-production phase of the plant expansion.
The net loss for the three-month period ended May 31, 2009 was $1,407,000
or $0.04 per share, compared to a net loss of $1,283,000 or $0.03 per share
for the three-month period ended May 31, 2008, an increase of 10%. As of May
31, 2009, Neptune's cash and cash equivalents totalled $5,445,000.
Neptune has newly appointed Mr. Jean Claude Debard to its Board of
Directors. Mr. Jean Claude Debard currently holds the position of President of
Hyundai Automobile France. Mr. Debard is also leading FEA Services and has
acted as an officer of Frey Accessories and Parts since 1999 and most recently
Executive President of Group Emil Frey France since 2008. Since 1999, Mr.
Debard has sat on Surveillance Committees of Holding (SERGESA), SsangYong
France and Hyundai Finances.
In conjunction with his new mandate of Director of the Board of Neptune
and Acasti Pharma, Mr. Debard has been granted 25,000 Neptune and 25,000
Acasti Pharma incentive stock options on July 15, 2009. Neptune stock options
will be exercisable at $2.50 for a three-year term and will vest over two
years. Acasti stock options will be exercisable at $0.25 for a ten-year term
and will also vest over two years.
The appointment of Mr. Debard is timely for Neptune in order to benefit
from his experience, knowledge and network, particularly with respect to the
upcoming geographic expansion in Europe following the recent Novel Food
Acasti Pharma Financial Results
- In the three-month period ended May 31, 2009, Acasti Pharma incurred a
loss of $302,000.
- At May 31, 2009, the Company had cash, cash equivalents and short-term
investments totalling $1,469,000.
- Acasti Pharma is researching and developing novel active pharmaceutical
ingredients for cardiovascular applications and the expenses are mainly
attributed to R&D and administrative expenses, previously supported by
the parent company Neptune Technologies & Bioressources Inc.
Acasti Pharma Highlights
Acasti Pharma recently reported that it has completed product development
in the OTC and medical food programs and that, according to the strategic
business development plan, negotiations with prospective development partners
are ongoing. Under the prescription drug development program, Acasti has
successfully completed the first phase of toxicity testing and has initiated
second phase preclinical toxicity, pharmacokinetics, mechanism of action, dose
response and efficacy studies in animals as required for the Investigational
New Drug submission in the United States and the Clinical Trial Application in
In 2009 and 2010, Acasti expects to report on following milestones:
- Submission of an investigational new drug ("IND") application in the
United States with completed animal pharmacology and toxicology
studies, pharmacokinetics, mechanism of action, GMP chemistry,
manufacturing, control data and proposed clinical protocols
- Submission of a clinical trial application ("CTA") in Canada required
for the initiation of clinical trials of experimental drug development.
- Partnership with a pharmaceutical company to evaluate over-the-counter
and/ or medical food formulations.
Neptune is an industry-recognized leader in the innovation, production
and formulation of science-based and clinically proven novel phospholipid
products for the nutraceutical and pharmaceutical markets. The Company focuses
on growing consumer health markets including cardiovascular, inflammatory and
neurological diseases driven by consumers taking a more proactive approach to
managing health and preventing disease. The Company carries out clinical
trials to show the health benefits in various medical indications and to
obtain regulatory approval for health claims. Neptune is continuously
expanding its portfolio of intellectual property, clinical studies, regulatory
approvals and health claims. Neptune has its products marketed and distributed
in over 20 countries worldwide.
About Acasti Pharma Inc.
Acasti Pharma is developing a product portfolio of proprietary novel
long-chain omega-3 phospholipids. 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,
as such, play 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 within the over-the-counter, medical food and prescription drug
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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,
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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.