Why Acasti Pharma (ACST) Stock Is Exploding Higher

Acasti Pharma Inc (NASDAQ:ACST) shares are trading higher by 34.3% to $2.35 Tuesday morning after the company announced $7.5 million in private placement equity financing.

Acasti Pharma says the gross proceeds to the company from the private placement were approximately $7.5 million, before deducting fees and expenses.

The company says it currently intends to use the net proceeds from the private placement for clinical trial expenses to further the Phase 3 clinical trial for GTX-104, the Acasti Pharma's lead product candidate, pre-commercial planning, working capital and other general corporate purposes.

According to data from Benzinga Pro, ACST has a 52-week high of $5.05 and a 52-week low of $1.72.