Acasti Pharma Inc (NASDAQ: ACST) shares fell Tuesday after reporting an offering of common shares to holders of its outstanding convertible debentures.
The company, trading in New York but headquartered out of Laval, Quebec, has elected to issue an aggregate of 23,723 common shares to the holders of the Debentures in satisfaction of an aggregate of $40,329.10 of interest payable to the holders of the Debentures, which was earned from July 1, through and payable as of September 30.
A news release issued Monday said the common shares issuable for the interest payment have a price of $1.70 per share, being the last closing price of the common shares on the TSX Venture Exchange before September 30.
The settlement of the interest amount in common shares is subject to the company receiving all necessary prior approvals from the TSX Venture Exchange. All amounts referenced are in Canadian dollars.
Acasti is a biopharmaceutical innovator advancing a potentially best-in-class cardiovascular drug, CaPre® (omega-3 phospholipid), for the treatment of hypertriglyceridemia, a chronic condition affecting an estimated one third of the U.S. population.
Since its founding in 2008, Acasti Pharma has focused on addressing a critical market need for an effective, safe and well-absorbing omega-3 therapeutic that can make a positive impact on the major blood lipids associated with cardiovascular disease risk.
The company is developing CaPre in a Phase 3 clinical program in patients with severe hypertriglyceridemia, a market that includes three to four million patients in the U.S
Shares in the company dwindled 27 cents, or 17.4%, to $1.30
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