Gordon Binder of Coastview Capital Appointed to ACADIA's Board of Directors
SAN DIEGO, CA, and COPENHAGEN, DK, June 12, 2003 – ACADIA Pharmaceuticals
announced today that it has completed a follow-on closing of its private placement
to include a new equity investment by funds managed by Coastview Capital, a
life sciences venture capital firm based in Southern California. This new investment
brings the total proceeds of ACADIA's recent private placement to $28 million.
ACADIA intends to use the proceeds from this financing to accelerate the clinical
development of its advanced drug candidates and to fully exploit the portfolio
of drug discovery assets generated by its proprietary platform.
ACADIA's recent financing round was led by Oxford Bioscience Partners
of Westport, Connecticut, and the initial closing included investments from
an international investor syndicate, including OrbiMed Advisors LLC, Federated
Kaufmann Fund, LD Pensions, Hambrecht & Quist Capital Management LLC, ABN
AMRO Ventures, Carnegie Fund II Biotechbridge, and Dansk Kapitalanlæg
Aktieselskab.
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 biotech
company, from 1988 through 2000. During his tenure as CEO, Amgen grew from 400
employees 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. Binder
serves on the boards of the Massachusetts Institute of Technology and the California
Institute of Technology. He has been Chairman of BIO, the biotechnology industry
trade association, and PhRMA, the pharmaceutical industry trade association.
He has a bachelor's degree in Electrical Engineering from Purdue University
and an MBA from Harvard Business School.
“We are pleased to expand our financing round and we welcome the addition
of Coastview Capital as an investor and value-added advisor,” remarked
Uli Hacksell, Ph.D., ACADIA's Chief Executive Officer. “We have been
fortunate to have the opportunity to significantly strengthen our board in connection
with this financing through the addition of Alan Walton, Senior General Partner
of Oxford Bioscience Partners, and now Gordon Binder. Their substantial expertise
and strategic network will be invaluable to ACADIA as we embark on the next
exciting stage of ACADIA's development.”
ACADIA Pharmaceuticals is a drug discovery and development company that efficiently
discovers novel small molecule drug candidates using its proprietary chemical-genomics
platform. ACADIA has successfully applied its platform to generate a broad discovery pipeline
directed at large unmet medical needs including Parkinson's disease, chronic
pain, psychosis, and glaucoma. Two of ACADIA's drug candidates have been
successfully advanced from initial discovery to clinical development, and several
additional programs are in late-stage preclinical testing. ACADIA's corporate
headquarters as well as its biological research facilities are located in San
Diego, 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