Acasti Pharma Inc (NASDAQ: ACST) is having a strong start to the trading session this morning, and for good reason. The company announced the appointment of a new Vice President of Finance, exciting investors and sending the stock on a run for the top. Today, we’ll talk about:
- The management update;
- what we’re seeing from ACST stock as a result; and
- what we’ll be watching for ahead.
ACST Announces Management Update
As mentioned above, Acasti Pharma is having an incredibly strong day in the market this morning after the company announced a management update. In a press release issued early this morning, the comapny said that it has appointed Jean-Francois Boily, CPA, as Vice President of Finance, and the planned retirement of Linda O’Keefe, the current CFO of the company who will retire later this year.
In the release, ACST said that prior to joining the company, Boily served as a Director of Finance & InformationTechnology at Innovaderm Research. At Innovadern, Boily worked closely with the President, CMO and founder, and was responsible for all aspects of finance and IT. He has also served as the Director of Finance at Teva Canada and a consultant and Vice President of Finance and IT for a pharmaceutical start-up led by a United States-based investor, where he helped to raise seed capital in advance of a planned IPO in Canada.
In a statement, Jan D’Alvise, President and CEO at ACST, had the following to offer:
We are very pleased to have Jean-Francois join the Acasti team as our VP of Finance, where he will provide financial leadership to the company, take over the reigns of the back-office team, and provide for an orderly transition with Linda. Jean-Francois is an experienced corporate finance executive with a strong background in accounting and pharma operations in commercial stage companies. He will be a valuable asset to Acasti as we advance our prescription drug candidate, CaPre, towards a planned commercial launch around the world. On behalf of the entire Acasti team, we would like to thank Linda for all of her excellent work. Over the last two years she successfully built an independent finance and accounting team for Acasti, and implemented financial reporting best practices as an independent company. We deeply appreciate Linda’s many contributions to the Company during her tenure, and we wish her the very best as she begins her planned retirement.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. In the case of Acasti Pharma, the news proved to be positive. Bringing a new Vice President of Finance with tremendous experience to bring to the table on board brings further strength to the comapny’s management. So, it comes as no surprise to see that excited investors are sending the stock screaming for the top. As is almost always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (11:17), ACST is trading at $0.82 per share after a gain of $0.23 per share or 40.15% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on ACST. In particular, we’re interested in following the story surrounding the company’s continued to bring CaPre to market as well as the financial moves made under the direction of the new VP of Finance. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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