Neptune Technologies & Bioressources Inc. ("Neptune" or the
"Corporation") (Nasdaq:NEPT) (TSX:NTB), today provided a
business update.
"Since taking over as CEO earlier this year, we have conducted a
thorough review of our operations," said Jim Hamilton, President
and CEO of Neptune. "Much has been done to strengthen the
Corporation and position it for the future. Our business has
a solid foundation, built on science, intellectual property and
entrepreneurship. Moreover, as the krill oil pioneer, with a
strong history and solid industry recognition, and based upon my
discussions with customers I believe that their doors are very much
open to us. We still have much work, but together with a
committed management team and board, we are well positioned to
resume our leadership role in the phospholipid omega-3 space and I
am excited about the opportunities ahead."
Sherbrooke Plant
"Neptune's Sherbrooke plant has a proven ability to produce at
the preliminary targeted capacity of 150 metric tons annually and
meet all product label specifications," highlighted Mr. Hamilton.
"However, at that level we are seeing some product handling
characteristics that are not fully in line with what all our
customers expect. As a result, we are slowing the production
process down to better deliver on expectations. Although this
allows us to offer a superior product, it is temporarily resulting
in higher production costs."
A team, including third-party experts, is determining the cause
of the production issue and identifying a longer-term, cost
effective solution to enhance product attributes and increase
output. "We have engaged outside leading specialists,
individuals I have personally worked with in the past, and
directionally I am very confident as to where we are going. It
is not unusual for a new production facility to experience such
hurdles and we are making important progress to resolve the
situation as quickly as possible."
Fourth Quarter Fiscal Year 2015 Preliminary Unaudited
Results
Based on preliminary, unaudited financial results for the fourth
quarter ended February 28, 2015, Neptune expects revenues to be
approximately $4.0 million. As a result of various
non-recurring items, largely related to the plant issues, quarterly
operational expenses are expected to be significantly higher than
originally anticipated. Neptune will be reporting its fourth
quarter results on May 27, 2015 after markets close.
Departure of Chief Financial Officer: André
Godin
The Corporation announces the departure of André Godin as Chief
Financial Officer of Neptune and its subsidiaries effective
immediately. Andre was with Neptune since 2003 and played an
active leadership role in all aspects of the organization. "We
would like to thank André for all his contributions to Neptune's
success over the years and wish him all the best in his future
endeavours," said Jim Hamilton, President and
CEO. An executive search is currently underway to fulfil
his function.
Intellectual Property: '351 Patent
On March 23, 2015 the Patent Trial and Appeal Board (PTAB) of
the US Patent and Trademark Office (USPTO) issued a favourable
decision, confirming the validity of certain claims under review in
Neptune's '351 patent (U.S. Patent: 8,278,351) and triggering
on-going royalty payments to Neptune by Aker and
Enzymotec. Under a royalty agreement with each of them,
payments in the US depended on the PTAB's review of certain claims
in Neptune's '351 patent.
On April 23, 2015 both Aker and Enzymotec filed a request with
the same PTAB for a rehearing on the two claims that were shown to
be patentable. If the request is approved, all parties have
the opportunity to restate their positions with regards to those
two claims at the hearing. A new PTAB decision would follow in
the months after the hearing. As set forth in the settlement
agreements entered into with Aker and Enzymotec, on-going royalty
payments owed to Neptune should go into escrow until a final
decision is rendered by the courts.
Outlook
"Our overriding objectives are to ensure customers receive a
premium product and to optimize plant output in a cost effective
manner as quickly as possible," said Mr. Hamilton. As a
result of the lower production levels, sales and expenses for the
first quarter ended May 31, 2015 are expected to be negatively
impacted. "However, we expect sales and expenses to improve as
plant output and efficiencies increase."
"Given current production issues and various strategic
opportunities we have under consideration, we feel that it is
prudent and in the best interest of shareholders, to defer any
share buybacks related to our Normal Course Issuer Bid."
"Despite our present challenges, we continue to be confident in
our business model and our growth prospects. Together with a
committed management team and Board, we will drive growth by
selling innovative products, building a more agile business and
seizing new market opportunities."
Conference Call Details
Neptune will be holding a conference call on Thursday April 30,
2015 at 8:30 AM (ET) to discuss its business update.
Date: |
Thursday April 30, 2015 |
|
|
Time: |
8:30 AM Eastern Time |
|
|
Conference ID: |
38167346 |
|
|
Call: |
1‐877-380-5664 (within Canada & the
U.S.) |
|
1-631-813-4882 (Outside Canada and the
U.S.) |
|
(Please dial in 15 minutes before the
call begins) |
|
|
Webcast: |
A live audio webcast can be accessed
at: |
|
http://neptunekrilloil.com/investors/investor-events-and-presentations/ |
An archived recording of the conference call will
also be available on Neptune's website shortly after the call.
About Neptune Technologies & Bioressources
Inc.
Neptune is a biotechnology company engaged primarily in the
development and commercialization of marine-derived omega-3
polyunsaturated fatty acids (''PUFAs''). Neptune has a patented
process of extracting oils from Antarctic krill, and principally
sells omega-3 PUFAs as bulk oil to Neptune's distributors who
commercialize them under their private label primarily in the U.S.,
European and Australian nutraceutical markets. Neptune's
products generally come in bulk oil or capsule form and serve as a
dietary supplement to consumers. Neptune's head office is located
at 545 Promenade du Centropolis, Suite 100, Laval, Quebec.
Through its subsidiary Acasti Pharma Inc. ("Acasti"), in which
Neptune holds approximately 48% of the participating and voting
rights, Neptune is also pursuing opportunities in the medical food
and prescription drug markets. Acasti focuses on the research and
development of safe and therapeutically effective compounds for
highly prevalent atherosclerotic conditions, such as
cardiometabolic disorders and cardiovascular diseases. Its lead
prescription drug candidate is CaPre®, a purified high omega-3
phospholipid concentrate derived from Neptune krill oil being
developed to address the prevention and treatment of
cardiometabolic disorders, including hypertriglyceridemia, which is
characterized by abnormally high levels of triglycerides.
Forward Looking Statements
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. securities laws 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 Neptune 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. 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 news release
are expressly qualified in their entirety by this cautionary
statement and the "Cautionary Note Regarding Forward-Looking
Information" section contained in Neptune's latest Annual
Information Form, which also forms part of Neptune's latest annual
report on Form 40-F, and which is available on SEDAR at
www.sedar.com, on EDGAR at www.sec.gov/edgar.shtml and on the
investor section of Neptune's website at www.neptunebiotech.com
(the "AIF"). All forward-looking statements in this press release
are made as of the date of this press release. Neptune does not
undertake to update any such forward-looking statements whether as
a result of new information, future events or otherwise, except as
required by law. The forward-looking statements contained herein
are also subject generally to other risks and uncertainties that
are described from time to time in Neptune public securities
filings with the Securities and Exchange Commission and the
Canadian securities commissions. Additional information about these
assumptions and risks and uncertainties is contained in the AIF
under "Risk Factors".
Neither NASDAQ nor the Toronto Stock Exchange accepts
responsibility for the adequacy or accuracy of this release.
CONTACT: Neptune Contact:
John Ripplinger
Investor Relations
+1.450.687.2262
j.ripplinger@neptunebiotech.com
neptunebiotech.com
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