Offering closed 4:15 PM EST, 12/27/2017 (MT Newswires) -- Acasti Pharma Inc. (ACST, ACST.V), a biopharmaceutical innovator, after trade Wednesday announced the closing of its firm commitment underwritten offering of near 9.9 million common shares together with accompanying warrants to purchase an aggregate of near 9.8 million common shares (including the exercise of the over-allotment option for warrants) at a combined price to the public of US$1.01 per share and accompanying warrant. The aggregate offering proceeds, before deducting underwriting discounts and commissions and other offering expenses, are near US$10.0 million. The net proceeds to Acasti from the offering after deducting underwriting discounts and commissions and other offering expenses are approximately US$8.6 million.
The warrants sold in the offering are exercisable at an exercise price of US$1.26 per share, and will be exercisable from issuance until December 27, 2022. The common shares and warrants sold in the offering were issued separately.
Acasti intends to use the net proceeds from the offering, together with cash on hand, for the further development of CaPre, including clinical site activation, progression of patient enrollment and production of clinical materials (both CaPre and placebo) for its Phase 3 program; expansion of business development activities; working capital; and other general corporate purposes.
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