LAVAL, QC, Jan. 14 /CNW Telbec/ - Neptune Technologies & Bioressources
Inc. ("Neptune") (NASDAQ.NEPT - TSX.V.NTB) today announced its financial
results for the three-month and six-month periods ended November 30, 2008.
Total revenue increased by 13% for the fiscal quarter ended November 30,
2008 with revenues amounting to $2,451,000 compared to $2,169,000 for the same
period in the preceding fiscal year.
Total revenue increased by 13.2% for the six-month period ended November
30, 2008 with revenues amounting to $4,817,000, compared to $4,254,000 for the
same period ended November 30, 2007.
In the second quarter ended November 30, 2008, the Company decreased its
loss to $1,361,000 compared to a loss of $1,563,000 for the second quarter
ended November 30, 2007. For the same period, the Company recorded a negative
EBITDA of $708,000 compared to a positive EBITDA of $70,000 for the second
quarter ended November 30, 2007, a decrease of $778,000.
"Sales are continuing to show sustained growth and losses continue to
decrease, though for specific reasons a negative EBITDA has been generated.
Neptune has experienced size variations in the supply of the biomass resulting
in an unexpected lower extraction efficiency, an unusual situation which has
temporarily put pressure on the Company's margins and which has been corrected
since," stated André Godin, VP, Finance and Administration of Neptune. "In
addition, Neptune, which has in the past financed its pharmaceutical research
and development out of pocket through operational activities, has now
strategically decided, due to the encouraging results of the pharmaceutical
R&D and the progress made in business development, to accelerate the
pharmaceutical programs through additional spending. Neptune has structured
its pharmaceutical operations into two pharmaceutical subsidiaries, Acasti
Pharma and NeuroBioPharm, with the objective to pursue negotiations to enter
into strategic pharmaceutical alliances," he commented.
During the first six-month period of fiscal year 2009, Neptune has
reported the following significant achievements:
Neptune has structured its pharmaceutical operations into two
pharmaceutical subsidiaries: Acasti Pharma and NeuroBioPharm
Acasti Pharma is advancing the cardiovascular application in three
pharmaceutical markets, namely over-the-counter (OTC), medical food and
prescription drug market. NeuroBioPharm is developing the neurological
applications in the same markets.
Positive results from a human clinical bioavailability study conducted
The results of the study clearly demonstrate the superior pharmacokinetic
profile of NKO(R) compared to currently marketed nutraceutical and
pharmaceutical omega-3 formulations. The positive effect of Neptune omega-3
phospholipids on markers for cardiovascular risk re-enforces the rationale of
the superiority of Neptune's nutraceutical and pharmaceutical omega-3
phospholipid pipeline and as such strengthening its position in cardiovascular
NKO(R) enters WALGREENS, the largest U.S. retail pharmacy chain
Schiff Nutrition is distributing Neptune Krill Oil under the brand name
Schiff(R) MegaRed(TM), promoting cardiovascular and joint health in Walgreens
across the United States.
Debt financing arrangement of $8.5 million to increase production
Neptune has entered into a new financing arrangement with Desjardins
Group, which will provide the Company with up to $8.5 million in financing to
refinance long-term debt and for investments to improve productivity and
increase production capacity.
Private placement of $2.75 million to advance Acasti Pharma
The proceeds of the convertible debenture are to be used to support the
achievement of several value-creating developments and commercial milestones
of Acasti Pharma.
Strong marketing campaign of OmegaGen Neptune Krill Oil in Australia
Inovail Pty Ltd has made OmegaGen(R) Neptune Krill Oil (NKO(R)), a
complementary medicine, widely available in Australia at the majority of
pharmacy and health food chains nationwide supported by a direct-to-consumer
(DTC) campaign to promote awareness of its benefits.
About Neptune Technologies & Bioressources Inc.
Neptune researches and develops proprietary bioactive ingredients and
products for nutraceutical and pharmaceutical applications and is carrying out
clinical research to show the therapeutic benefits of its products in various
medical indications. The Company patents and protects its innovations and is
continuously expanding its intellectual property portfolio. Neptune has
already obtained many regulatory approvals allowing commercialization of its
products in various geographic markets and has filed for and is expecting
additional approvals. The Company expects to launch its first functional food
product in early 2009 with its partners Marine Life Science and Weider Global
About Acasti Pharma Inc.
Acasti Pharma's product portfolio of proprietary novel long-chain omega-3
phospholipids are sourced from sustainable abundant marine biomass including
Antarctic krill (Euphausia superba). Phospholipids are the major component of
cell membranes and are essential for all vital cell processes. They are one of
the principal constituents of High Density Lipoprotein (good cholesterol) and
play, as such, an important role in modulating cholesterol efflux. Acasti
Pharma's proprietary novel phospholipids carry and functionalize the
polyunsaturated omega-3 fatty acids EPA and DHA, which have been shown to have
substantial health benefits and which are stabilized by potent antioxidants.
Acasti Pharma is focusing initially on treatments for chronic cardiovascular
About NeuroBioPharm Inc.
NeuroBioPharm is developing safe and effective pharmaceutical and medical
applications with an initial focus on the prevention and treatment of
cognitive, neurological and affective disorders. The Company is advancing a
portfolio of bioactive ingredients of proprietary novel omega-3 phospholipids
through the pharmaceutical development pathway which include prescription
medical foods (MF), over-the-counter products (OTC), and prescription drugs
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this press release. Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of
Statements in this press release that are not statements of historical or
current fact constitute "forward-looking statements" within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities
laws. Such forward-looking statements involve known and unknown risks,
uncertainties, and other unknown factors that could cause the actual results
of the Company to be materially different from historical results or from any
future results expressed or implied by such forward-looking statements. In
addition to statements which explicitly describe such risks and uncertainties,
readers are urged to consider statements labeled with the terms "believes,"
"belief," "expects," "intends," "anticipates," "will," or "plans" to be
uncertain and forward-looking. The forward-looking statements contained herein
are also subject generally to other risks and uncertainties that are described
from time to time in the Company's reports filed with the Securities and
Exchange Commission and the Canadian securities commissions.
For further information:
For further information: Toni Rinow, Ph.D., MBA, Corporate Development &
Investor Relations, Neptune Technologies & Bioressources Inc., (450) 687-2262,
firstname.lastname@example.org; www.neptunebiotech.com; SOURCE: Neptune
Technologies & Bioressources Inc.