Gordon Binder of Coastview Capital Appointed to ACADIA's Board of Directors
SAN DIEGO, CA, and COPENHAGEN, DK, June 12, 2003 – ACADIA Pharmaceuticalsannounced today that it has completed a follow-on closing of its private placementto include a new equity investment by funds managed by Coastview Capital, alife sciences venture capital firm based in Southern California. This new investmentbrings the total proceeds of ACADIA's recent private placement to $28 million.ACADIA intends to use the proceeds from this financing to accelerate the clinicaldevelopment of its advanced drug candidates and to fully exploit the portfolioof drug discovery assets generated by its proprietary platform.
ACADIA's recent financing round was led by Oxford Bioscience Partnersof Westport, Connecticut, and the initial closing included investments froman international investor syndicate, including OrbiMed Advisors LLC, FederatedKaufmann Fund, LD Pensions, Hambrecht & Quist Capital Management LLC, ABNAMRO Ventures, Carnegie Fund II Biotechbridge, and Dansk KapitalanlægAktieselskab.
In connection with the recent closing, ACADIA also announced that Gordon Binder,founder and Managing Director of Coastview Capital, will join its board of directors.Mr. Binder was the Chief Executive Officer of Amgen, the world's largest biotechcompany, from 1988 through 2000. During his tenure as CEO, Amgen grew from 400employees to rank within the top 20 pharmaceutical companies in worldwide revenues,the top 15 in U.S. sales and the top 10 in market capitalization. Mr. Binderserves on the boards of the Massachusetts Institute of Technology and the CaliforniaInstitute of Technology. He has been Chairman of BIO, the biotechnology industrytrade association, and PhRMA, the pharmaceutical industry trade association.He has a bachelor's degree in Electrical Engineering from Purdue Universityand an MBA from Harvard Business School.
“We are pleased to expand our financing round and we welcome the additionof Coastview Capital as an investor and value-added advisor,” remarkedUli Hacksell, Ph.D., ACADIA's Chief Executive Officer. “We have beenfortunate to have the opportunity to significantly strengthen our board in connectionwith this financing through the addition of Alan Walton, Senior General Partnerof Oxford Bioscience Partners, and now Gordon Binder. Their substantial expertiseand strategic network will be invaluable to ACADIA as we embark on the nextexciting stage of ACADIA's development.”
ACADIA Pharmaceuticals is a drug discovery and development company that efficientlydiscovers novel small molecule drug candidates using its proprietary chemical-genomicsplatform. ACADIA has successfully applied its platform to generate a broad discovery pipelinedirected at large unmet medical needs including Parkinson's disease, chronicpain, psychosis, and glaucoma. Two of ACADIA's drug candidates have beensuccessfully advanced from initial discovery to clinical development, and severaladditional programs are in late-stage preclinical testing. ACADIA's corporateheadquarters as well as its biological research facilities are located in SanDiego, California and its chemistry research facilities are located in Copenhagen,Denmark.
Contacts:
ACADIA Pharmaceuticals
Uli Hacksell, Ph.D., Chief Executive Officer
Thomas H. Aasen, Chief Financial Officer
+1 858-558-2871