Acasti announces the results of the votes for the year 2022 and
LAVAL, Quebec, Sept. 29, 2022 (GLOBE NEWSWIRE) — Acasti Pharma inc. (“Acasti“or the”Company”) (NASDAQ: ACST and TSX-V: ACST), a late-stage specialty pharmaceutical company with three clinical-stage drug candidates for the treatment of rare and orphan diseases, today announced the voting results of its annual and extraordinary general meeting of shareholders (the “Meeting”) which was held virtually on Wednesday, September 28, 2022.
Election of directors
The five (5) nominees listed in the management proxy circular dated August 31, 2022 (the “Proxy statement”), namely Jean Marie (John) Canan, Jan D’Alvise, Donald Olds, Vimal Kavuru and Michael L. Derby were elected directors of Acasti at the meeting for a term expiring at the 2023 annual meeting of shareholders of Acasti or until their successors are duly elected or appointed, unless such position becomes vacant earlier in accordance with Acasti’s bylaws. The Society thanks Dr. Roderick Carter for his service on the Board of Directors and his chairmanship over the past 7 years, and Dr. William Haseltine for his service on the Board of Directors over the past year.
Appointment of auditors
At the meeting, KPMG LLP was reappointed as independent auditor of the Company for the coming year and the directors of the Company were authorized to fix the remuneration of the auditor.
Advisory vote on the compensation of the named executive officers
At the meeting, the shareholders adopted an advisory (non-binding) resolution approving the compensation of the named executive officers of Acasti.
Amendments to Acasti’s Stock Option Plan and Stock Incentive Plan
In August 2022, the board of directors of Acasti (the “Plank) approved amendments to the existing limits of common shares reserved for issuance under the Company’s stock incentive plan (the “Stock incentive plan”) to fix the aggregate number of Common Shares reserved for issuance under the awards granted under the Equity Incentive Plan at a total number which shall not exceed 20% of the issued and outstanding Common Shares at July 28, 2022, representing 8,898,838 common shares, which limit includes common shares issuable pursuant to options issued under the stock option plan.
In August 2022, the board also approved amendments to the existing limits of common shares reserved for issuance under the company’s stock option plan (the “Stock Option Plan”), to increase the number of Common Shares issuable upon the exercise of all Options granted under the Plan from 10% of the issued and outstanding Common Shares from time to time to 20% of the issued Common Shares and outstanding as of July 28, 2022, representing 8,898,838 common shares, which includes the 4,251,881 common shares currently reserved for options outstanding under the stock option plan and whose limit will also include the Common Shares issuable pursuant to any award issued under the Stock Incentive Plan.
At the Meeting, the Disinterested Shareholders approved the amendments described above to the Stock Option Plan and the Stock Incentive Plan.
Final voting results on all matters voted on at the Meeting will be available on SEDAR at www.sedar.com and EDGAR at www.sec.gov.
New composition of the GHR and the audit committee
Mr. John Canan, Director, has been appointed as a member of the Governance and Human Resources Committee of the Board of Directors, succeeding Dr. Roderick Carter. The Governance and Human Resources Committee is now composed of Mr. Donald Olds, Chairman, Mr. Vimal Kavuru and Mr. John Canan.
Mr. Michael Derby, Director, has been appointed member of the Audit Committee of the Board of Directors, succeeding Dr. Roderick Carter. The Audit Committee is now composed of Mr. John Canan, Chairman, Mr. Donald Olds and Mr. Michael Derby.
Allocation of stock options
A total of 220,000 stock options have been granted to certain directors of the Company under the Company’s stock option plan. The stock options were granted by the Board of Directors as part of the Company’s annual performance review in accordance with the Company’s Long-Term Incentive Program (LTIP) and on the recommendation of the consultant external remuneration of the Company.
Subject to the terms of the Stock Option Plan, options granted to directors will vest in equal monthly installments over a 12-month period. Each option will entitle its holder to purchase one common share of Acasti at a price of C$0.80 per share, until September 28, 2032.
Acasti is a late-stage specialty pharmaceutical company developing three clinical-stage drug candidates for rare and orphan diseases. Acasti’s novel drug delivery technologies have the potential to improve the performance of currently marketed drugs by achieving faster onset of action, increased efficacy, reduced side effects and more convenient drug delivery, all which could help increase treatment adherence and improve patient outcomes.
Acasti’s three core clinical assets have each received orphan drug designation from the FDA, which grants the assets seven years of market exclusivity after launch in the United States and benefits from additional intellectual property protection with more of 40 granted and pending patents. Acasti’s main clinical assets target underserved orphan diseases: (i) GTX-104, an intravenous infusion targeting subarachnoid hemorrhage (SAH), a rare and life-threatening medical emergency in which bleeding occurs at the surface of the brain in the subarachnoid space between the brain and skull; (ii) GTX-102, an oral mucosal spray targeting ataxia-telangiectasia (AT), a progressive neurodegenerative genetic disease that primarily affects children, resulting in severe disability, and for which no treatment currently exists; and (iii) GTX-101, a topical spray targeting postherpetic neuralgia (PHN), a persistent and often debilitating neuropathic pain caused by nerve damage caused by the varicella zoster (shingles) virus, which can persist for months. , even years. For more information, please visit: https://www.acastipharma.com/en.
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Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, as amended, Section 27A of the Act. Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and “forward-looking information” within the meaning of Canadian securities laws (collectively, “forward-looking statements”) . These forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause Acasti’s actual results to differ materially from historical results or any future results expressed or implied by these forward-looking statements. . In addition to statements that explicitly describe such risks and uncertainties, readers are urged to review statements containing the words “believes”, “believes”, “expects”, “intends”, “anticipates”. , “estimates”, “potential”, “should”, “may”, “will”, “plans”, “continues”, “targeted” or other similar expressions as being uncertain and forward-looking. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
The forward-looking statements contained in this press release are based on Acasti’s current expectations and involve assumptions which may never materialize or may prove to be incorrect. Actual results and timing of events could differ materially from those anticipated in these forward-looking statements due to various risks and uncertainties, including, without limitation: (i) the success and timing of regulatory submissions of the study Phase 3 safety trial planned for GTX-104 and Acasti’s other preclinical and clinical trials for GTX-102 and GTX-101; (ii) regulatory requirements or developments and the outcome of meetings with the FDA; (iii) changes to clinical trial designs and regulatory pathways; (iv) legislative, regulatory, political and economic developments; (v) actual costs associated with Acasti’s clinical trials relative to management’s current expectations; and (vi) the effects of COVID-19 on clinical programs and business operations. The foregoing list of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with the statements that are included here and elsewhere, including the risk factors detailed in the documents which have been and may be filed by Acasti from time to time with the Securities and Exchange Commission and the Canadian securities regulatory authorities. All forward-looking statements contained in this press release speak only as of the date on which they were made.
Acasti undertakes no obligation to update these statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable securities laws. Neither NASDAQ, TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For more information please contact:
Chief executive officer
Email: [email protected]
Lytham Partners, LLC