LAVAL, Quebec, Feb. 12, 2015 (GLOBE NEWSWIRE) -- NeuroBioPharm Inc. ("NeuroBio"), a subsidiary of Neptune Technologies & Bioressources Inc. ("Neptune") (Nasdaq:NEPT) (TSX:NTB), announces that its shareholders (the "Shareholders") approved a resolution today authorizing the previously announced plan of arrangement (the "Arrangement") providing for, among other things, the indirect acquisition by Neptune of all of the issued and outstanding shares of NeuroBio.
The Arrangement resolution required the approval of at least two-thirds of the votes cast by the Shareholders holding all classes of shares of NeuroBio, voting separately as classes, in each case present in person or represented by proxy at the special meeting of Shareholders held today.
The Arrangement resolution was approved by (i) 96.95% of the votes cast by Shareholders holding Class "A" Shares of NeuroBio, (ii) 90% of the votes cast by Shareholders holding Class "B" Shares of NeuroBio, (iii) 90% of the votes cast by Shareholders holding Class "G" Shares of NeuroBio, and (iv) 90% of the votes cast by Shareholders holding Class "H" Shares of NeuroBio.
The Arrangement is also subject to the approval of the Superior Court of Québec at a final hearing which is scheduled to be held on February 16, 2015 at the Montréal Courthouse in Montréal, Québec at 9:15 a.m. (Montréal time) or as soon thereafter as counsel may be heard. It is anticipated that the Arrangement will be completed shortly thereafter once all closing conditions have been satisfied or waived, including without limitation, court approval set forth above.
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.
About NeuroBioPharm Inc.
NeuroBio is an emerging biopharmaceutical company focused on the research, development and commercialization of new marine based omega-3 phospholipid therapies for use in the human neurological field, including conditions, abnormalities and/or diseases related to cognitive functions such as attention, memory, concentration and learning and the management of neurological and neurodevelopmental disorders from prevention to treatment. NeuroBio is currently in the early stages of developing novel active pharmaceutical ingredients into commercial products for the medical food, the over-the-counter and the prescription drug markets. Particular focus is being given to attention-deficit hyperactivity disorder, cognitive functions, including memory and concentration, along with mood disorders, such as anxiety and depression.
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 the public securities filings of Neptune and NeuroBio with the Securities and Exchange Commission and the Canadian securities commissions, as applicable. Additional information about relevant assumptions and risks and uncertainties of Neptune 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.