Acasti Pharma Inc. (ACST) shares were rising 22.04% to trade at $0.659 in after-hours at last check. As of the last check, shares of Ascasti Pharma Inc. (ACST) had risen 22.04% to $0.659 in after-hours trading. On Tuesday, Acasti stock closed at $0.54, up 10.20% from the previous close. Volume for Acasti stock increased to 33.61 million shares, which was higher than the average daily volume of 13.28 million shares during the 50-day period.

ACST shares dropped -25.10 percent over the last year, while they gained 2.86% over the last week. ACST stock fell -18.37% in the past six months, and 109.30% over the past three months. ACST’s current market value is $108.06 million, and as of June 22 it has 200.12 million shares outstanding. ACST stock experienced a boost from releasing its year-end report for fiscal 2021.

ACST has updated what?

Acasti is a biopharmaceutical innovator specializing in OM3 fatty acids produced from krill oil and delivered as free fatty acids and phospholipid esters bound to phospholipids. There is extensive clinical evidence that using OM3 fatty acids to lower triglycerides in patients who have hypertriglyceridemia, or HTG will be safe and effective. ACST has developed CaPre, a medication for treating severe HTG, a phospholipid OM3 product.

Acasti yesterday announced its financial and operating results for the fiscal year that ended March 31, 2021. ACST also provided an update on acquisition of Grace Therapeutics and the CaPre strategic evaluation process.

Financial Highlights:

• Operating loss for the year ended March 31, 2020 was $16.4 million compared to $24.4 million for 2020.
• For the reported period, ACST posted a net loss of $19.7 million or $0.17 per share, a decrease of $5.8 million compared with the net loss of $25.5 million or $0.30 per share a year ago.
• The cost of R&D before depreciation, amortization, and stock-based compensation for the year ended March 31, 2021 was $2.9 million, compared with $13.2 million for the same period last year.
• In March 2021, cash and cash equivalents totaled $50.9 million, compared with $14.2 million in March 2020.

Acquisition strategy:

Acasti (ACST)’s management and board evaluated dozens of companies and undertook comprehensive due diligence on several finalist candidates as part of its formal process to explore and evaluate a range of strategic alternatives to enhance shareholder value.

By combining with Grace, ACST plans to create a “rare disease” company whose advanced drug delivery technologies will not only enable ACST to rapidly advance current assets through clinical trials, but also foster in-house development of new treatment options.