ACST - Acasti updates on acquisition of Grace Therapeutics and announces fiscal 2021 results

Acasti Pharma (ACST) announced today that the company’s proposed acquisition of privately-held biopharma company Grace Therapeutics remains subject to the approval of Acasti stockholders, and those of applicable stock exchanges.The transaction expected to close in Q3 2021 will leave the company with $60M in cash that will be enough to fund operations for at least two years including the completion of clinical development and the submission of a marketing application for GTX-104, according to Acasti.Per fiscal 2021 data, the company’s net loss has narrowed to $19.7M for the period ending March 31, 2021, indicating a ~22.7% YoY decline from the previous year.Cash flows cash and cash equivalents have reached $50.9M up from $14.2M as of March 31, 2021.Regarding the concerns over the company’s non-compliance with Nasdaq listing rules, Acasti has been granted a hearing before the Nasdaq Hearing Panel on June 17, 2021.After a presentation of its plans to regain compliance including a

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Acasti updates on acquisition of Grace Therapeutics and announces fiscal 2021 results