Acasti Pharma initiates review process to evaluate strategic alternatives to boost shareholder value

Acasti Pharma Inc (NASDAQ:ACST) (CVE:ACST) announced on Tuesday that the company has initiated a formal process to “explore and evaluate” strategic alternatives “to enhance shareholder value.”

In a statement, the Laval, Quebec-based biopharmaceutical innovator said it has engaged Oppenheimer & Company Inc as its financial advisor to assist in the process.

“There can be no assurance of a successful outcome from these efforts, or of the form or timing of any such outcome,” the company said in a brief statement.

READ: Acasti Pharma reports results from Phase 3 TRILOGY 2 study of lead drug CaPre

The company made it clear that it “does not intend to make any further disclosures” regarding the strategic review process unless and until a specific course of action is approved by the company’s board.

Meanwhile, Acasti Pharma emphasized that along with its clinical advisors, it plans to “complete the full data analyses” as contemplated in the Statistical Analysis Plan for TRILOGY 2, including the secondary and exploratory endpoints, and “the pooling of the data from TRILOGY 1 and 2.”

Last month, Acasti Pharma released topline results from its Phase 3 TRILOGY 2 trial of lead drug CaPre that saw a 30.4% average reduction in triglyceride levels among all patients receiving CaPre, as compared to 30.5% in TRILOGY 1, and a 17.9% median reduction in triglyceride levels among patients receiving placebo at 12 weeks as compared to 27.5% in TRILOGY 1.

CaPre is a krill-oil derived prescription drug, aimed at treating hypertriglyceridemia, or high levels of triglycerides in the blood, which is known to contribute to heart disease.

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

Story by ProactiveInvestors