SAN DIEGO—(BUSINESS WIRE)—Mar. 4, 2014—ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) today announced the pricing
of an underwritten public offering of 6,400,000 shares of its common
stock, offered at a price to the public of $28.50 per share. The gross
proceeds from this offering to ACADIA are expected to be $182.4 million,
before deducting underwriting discounts and commissions and other
estimated offering expenses payable by ACADIA. ACADIA has granted the
underwriters a 30-day option to purchase up to an aggregate of 960,000
shares of common stock. The offering is expected to close on or about
March 10, 2014, subject to customary closing conditions. ACADIA expects
to use net proceeds of this offering to fund ongoing and new clinical
trials and development and commercialization efforts for pimavanserin
and its other product candidates and for general corporate purposes,
which may include research, development and commercialization expenses,
capital expenditures, working capital, and general and administrative
expenses.
Jefferies LLC and J.P. Morgan Securities LLC are acting as the joint
book-running managers for the offering. Cowen and Company, LLC is acting
as the lead manager for the offering. JMP Securities LLC, Needham &
Company, LLC, Ladenburg Thalmann & Co., and Roth Capital Partners are
acting as co-managers for the offering.
The shares of common stock described above are being offered by ACADIA
pursuant to a shelf registration statement filed by ACADIA with the
Securities and Exchange Commission (SEC) that became automatically
effective on March 3, 2014. A preliminary prospectus supplement related
to the offering was filed with the SEC and is available on the SEC's
website located at http://www.sec.gov.
Copies of the final prospectus supplement and the accompanying
prospectus relating to this offering, when available, may be obtained
from Jefferies LLC, Attention: Equity Syndicate Prospectus Department,
520 Madison Avenue, 12th floor, New York, NY 10022 or by telephone at
877-547-6340 or by email at [email protected],
or from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at
866-803-9204.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be any
sale of these securities in any state or other jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or other jurisdiction.
About ACADIA Pharmaceuticals
ACADIA is a biopharmaceutical company focused on the development and
commercialization of innovative medicines that address unmet medical
needs in neurological and related central nervous system disorders.
ACADIA has a pipeline of product candidates led by pimavanserin, which
is in Phase III development as a treatment for Parkinson's disease
psychosis. Pimavanserin is also in Phase II development for Alzheimer’s
disease psychosis and has successfully completed a Phase II trial as a
co-therapy for schizophrenia. ACADIA also has clinical-stage programs
for chronic pain and glaucoma in collaboration with Allergan, Inc. and
two advanced preclinical programs directed at Parkinson’s disease and
other neurological disorders. All product candidates are small molecules
that emanate from internal discoveries.
Forward-Looking Statements
Statements in this press release that are not strictly historical in
nature are forward-looking statements. These statements include but are
not limited to statements related to expectations regarding the
completion, timing and size of the offering of common stock by ACADIA,
the expected gross and net proceeds from the offering and ACADIA’s
expected use of the net proceeds from the offering. These statements are
only predictions based on current information and expectations and
involve a number of risks and uncertainties. Actual events or results
may differ materially from those projected in any of such statements due
to various factors, including market risks and uncertainties and the
satisfaction of customary closing conditions for an offering of
securities. For a discussion of these and other factors, please refer to
ACADIA’s annual report on Form 10-K for the year ended December 31, 2013
as well as ACADIA’s subsequent filings with the Securities and Exchange
Commission. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. This
caution is made under the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. All forward-looking statements
are qualified in their entirety by this cautionary statement and ACADIA
undertakes no obligation to revise or update this press release to
reflect events or circumstances after the date hereof, except as
required by law.
Source: ACADIA Pharmaceuticals Inc.
ACADIA Pharmaceuticals Inc.
Thomas H. Aasen, Executive
Vice President,
Chief Financial Officer and Chief Business
Officer
Lisa Barthelemy, Director of Investor Relations
858-558-2871