Acasti Pharma Inc (NASDAQ:ACST) fell 4.5% last week after announcing its fiscal Q1 2022 financial results for the period ended June 30, 2021, and provided a business update. The company posted a loss of $3.1 million or $0.01 on a per-share basis, a decrease from a net loss of $4.7 million or $0.05 per share a year ago.
The net loss reduction resulted from reduced R&D expenses following the completion of the TRILOGY Phase III clinical study for CaPre. Discontinuation of commercialization activities for CaPre because of failure to meet the primary end-point reduced marketing and sales expenses.
During the quarter, the company signed a definitive agreement to purchase Grace Therapeutics Inc. Grace is a privately held biopharma specializing in creating innovative drug delivery techs for orphan and rare disease treatment. Acasti CEO Jan D’Alvise said that they are delighted with the expected acquisition of Grace which the company believes will be a transformation to shareholders and the company. So, ACST is a stock to watch in the coming months.
Market Reaction:
On Friday, ACST stock went down marginally at $0.45 with more than 5.76 million shares, compared to its average volume of 11.78 million shares. The stock has moved within a range of $0.4400 – 0.4648 after opening the trade at $0.45.
