The long-awaited fiscal year-end numbers released by Laval, Quebec-based Acasti Pharma Inc. (TSX-Venture:ACST) provided a springboard for its stock price on Wednesday.
The company, calling itself “a biopharmaceutical innovator focused on the research, development and commercialization of its prescription drug candidate CaPre®(omega-3 phospholipid),” pointed to $34.4 million of cash, cash equivalents and marketable securities by year’s end.
Net loss for the year ended March 31, 2019 was $51.6 million or $0.95 per share, compared to a net loss of $21.5 million or $1.23 per share for the prior-year.
CEO Jan D’Alvise commented, “Fiscal 2019 was an eventful year for the Company as we achieved several key milestones related to our ongoing Phase 3 clinical trials, which remain on schedule and within budget. We recently announced that we had achieved 100% patient randomization in both TRILOGY clinical studies, and more than 60% of patients have now completed the trial.”
Share prices gained 16 cents, or 11.3%, by midday Wednesday to $1.58, on exciting volume of 476,000 shares.