Acasti Pharma Inc (NASDAQ:ACST) (CVE:ACST) (FRA:A1PA), which is currently going through a review process aimed at enhancing shareholder value, posted Tuesday its fiscal third-quarter results to end-December last year.
In the statement, the biopharma said it believes it has enough cash to fund it through this process, or at least the next 12 months. As at the end of 2020, the company held cash of C$26.5 million compared to C$14.2 million at the end of March.
READ: Acasti Pharma ends its fiscal 2Q with US$11.6M in cash after streamlining operations
Acasti has been focused on developing prescription drugs using OM3 fatty acids, derived from krill oil. Its CaPre candidate was to treat hypertriglyceridemia (high levels of triglycerides in the blood), which is known to contribute to heart disease.
In August last year, the company said a TRILOGY 2 study on CaPre had not met its primary endpoint and said it would not file a New Drug Application with the US Food and Drug Administration. It added it did not plan to conduct additional clinical trials for CaPre.
In the latest third quarter, research and development (R&D) expenses before depreciation, amortization and stock-based compensation expenses came in at C$620,000 compared to C$3.2 million for the three months ended December 31, 2019, mainly due to the reduction in research contracts and R&D activities, as well as a reduction in headcount.
The net loss was C$3.2 million compared to a net loss of $12.1 million for the three months to December 31, 2019.
In September last year, Acasti engaged Oppenheimer & Company Inc to act as its financial advisor to assist in the review process.
Contact the author at giles@proactiveinvestors.com