SAN DIEGO—(BUSINESS WIRE)—Mar. 9, 2009—ACADIA Pharmaceuticals Inc. (Nasdaq: ACAD), a biopharmaceutical company
utilizing innovative technology to fuel drug discovery and clinical
development of novel treatments for central nervous system disorders,
today reported its unaudited financial results for the fourth quarter
and year ended December 31, 2008.
ACADIA reported a net loss of $14.0 million, or $0.38 per common share,
for the fourth quarter of 2008 compared to a net loss of $17.0 million,
or $0.46 per common share, for the fourth quarter of 2007. For the year
ended December 31, 2008, ACADIA reported a net loss of $64.2 million, or
$1.73 per common share, compared to a net loss of $56.4 million, or
$1.60 per common share, for 2007.
“The fourth quarter of 2008 was highlighted by continued progress in the
development of our advanced product candidates, most notably our Phase
III program with pimavanserin for Parkinson’s disease psychosis,” said
Uli Hacksell, Ph.D., ACADIA’s Chief Executive Officer. “We continue to
advance a number of studies in this program, including two pivotal
trials, an open-label safety extension study, and other supporting
studies. We look forward to reporting top-line results from the first
pivotal Phase III trial with pimavanserin in the third quarter of 2009.
We also are pleased with the progress in our collaborative clinical
programs with Allergan, including our chronic pain program, where we
expect Allergan to complete Phase II trials in mid-2009. With our
portfolio of product candidates and the disciplined actions we
implemented last year to streamline our cost structure, we have
positioned ACADIA with multiple product and commercial opportunities
while strengthening our cash runway.”
Revenues totaled $325,000 for the fourth quarter of 2008 compared to
$1.6 million for the fourth quarter of 2007. The decrease was primarily
due to the completion in early 2008 of the term of ACADIA’s agreement
with Sepracor Inc. as well as lower revenues from its agreements with
other parties.
Research and development expenses totaled $12.1 million for the fourth
quarter of 2008, including $184,000 in stock-based compensation,
compared to $17.3 million for the fourth quarter of 2007, including
$306,000 in stock-based compensation. The decrease in research and
development expenses was primarily due to approximately $3.5 million in
decreased personnel and other costs associated with ACADIA’s research
and development organization following the Company’s restructuring in
August 2008, as well as $1.6 million in lower external service costs.
External service costs totaled $8.7 million for the fourth quarter of
2008, and were primarily comprised of clinical development costs for
pimavanserin.
General and administrative expenses totaled $2.4 million for the fourth
quarter of 2008, including $364,000 in stock-based compensation,
compared to $3.0 million for the fourth quarter of 2007, including
$387,000 in stock-based compensation. The decrease in general and
administrative expenses was primarily due to decreased personnel and
other administrative costs resulting from ACADIA’s restructuring.
At December 31, 2008, ACADIA’s cash, cash equivalents, and investment
securities totaled $60.1 million compared to $126.9 million at December
31, 2007. The decrease in cash was primarily due to cash used to fund
ACADIA’s operations. ACADIA anticipates that its cash used in operations
will be lower in 2009 due to significant expense reductions that have
resulted from the Company’s restructuring, and that its cash resources
will be sufficient to fund its activities into the first half of 2010.
Conference Call and Webcast Information
ACADIA management will review its fourth quarter results and development
programs via conference call and webcast later today at 5:00 p.m.
Eastern Time. The conference call may be accessed by dialing
866-700-0161 for participants in the U.S. or Canada and 617-213-8832 for
international callers (reference passcode 63914388). A telephone replay
of the conference call may be accessed through March 23, 2009 by dialing
888-286-8010 for callers in the U.S. or Canada and 617-801-6888 for
international callers (reference passcode 11398116). The conference call
also will be webcast live on ACADIA’s website, www.acadia-pharm.com,
under the investors section and will be archived there until March 23,
2009.
About ACADIA Pharmaceuticals
ACADIA is a biopharmaceutical company utilizing innovative technology to
fuel drug discovery and clinical development of novel treatments for
central nervous system disorders. ACADIA is focused on developing a
portfolio of its four most advanced product candidates, including
pimavanserin in Phase III for Parkinson’s disease psychosis, a product
candidate in Phase II for chronic pain and a product candidate in Phase
I for glaucoma, both in collaboration with Allergan, and ACP-106 in
IND-track development. All of the product candidates in ACADIA’s
pipeline emanate from discoveries made using its proprietary drug
discovery platform. ACADIA maintains a website at www.acadia-pharm.com
to which ACADIA regularly posts copies of its press releases as well as
additional information and through which interested parties can
subscribe to receive email alerts.
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 the progress of and benefits to be
derived from ACADIA’s drug discovery and development programs, including
pimavanserin and ACP-106, and from its collaborative efforts with
Allergan; the timing or design of future clinical trials; the timing of
completion of or announcements of results of clinical trials; and the
future effects of the Company’s restructuring. 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 the risks and uncertainties inherent in drug
discovery, development and commercialization, and collaborations with
others. 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, 2007
as well as other 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.
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ACADIA PHARMACEUTICALS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Years Ended
December 31,
|
|
|
|
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2008
|
|
|
|
2007
|
|
|
|
2008
|
|
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative revenues
|
|
$
|
325
|
|
|
$
|
1,583
|
|
|
$
|
1,590
|
|
|
$
|
7,555
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
Research and development (includes stock-based compensation of $184,
$306, $1,325 and $2,721, respectively)
|
|
|
12,145
|
|
|
|
17,278
|
|
|
|
56,750
|
|
|
|
57,942
|
|
|
General and administrative (includes stock-based compensation of
$364, $387, $1,662 and $1,574, respectively)
|
|
|
2,394
|
|
|
|
3,010
|
|
|
|
11,818
|
|
|
|
12,267
|
|
|
Total operating expenses
|
|
|
14,539
|
|
|
|
20,288
|
|
|
|
68,568
|
|
|
|
70,209
|
|
|
Loss from operations
|
|
|
(14,214
|
)
|
|
|
(18,705
|
)
|
|
|
(66,978
|
)
|
|
|
(62,654
|
)
|
|
Interest income, net
|
|
|
251
|
|
|
|
1,667
|
|
|
|
2,734
|
|
|
|
6,264
|
|
|
Net loss
|
|
$
|
(13,963
|
)
|
|
$
|
(17,038
|
)
|
|
$
|
(64,244
|
)
|
|
$
|
(56,390
|
)
|
|
Net loss per common share, basic and diluted:
|
|
$
|
(0.38
|
)
|
|
$
|
(0.46
|
)
|
|
$
|
(1.73
|
)
|
|
$
|
(1.60
|
)
|
|
Weighted average common shares outstanding, basic and diluted
|
|
|
37,157
|
|
|
|
36,989
|
|
|
|
37,113
|
|
|
|
35,211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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ACADIA PHARMACEUTICALS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2008
|
|
December 31,
2007(1)
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Cash, cash equivalents, and investment securities
|
|
$
|
60,083
|
|
$
|
126,858
|
|
|
Prepaid expenses, receivables and other current assets
|
|
|
2,299
|
|
|
4,395
|
|
|
Total current assets
|
|
|
62,382
|
|
|
131,253
|
|
|
Property and equipment, net
|
|
|
2,103
|
|
|
3,048
|
|
|
Other assets
|
|
|
192
|
|
|
283
|
|
|
Total assets
|
|
$
|
64,677
|
|
$
|
134,584
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
Current liabilities
|
|
$
|
11,051
|
|
$
|
19,287
|
|
|
Long-term liabilities
|
|
|
634
|
|
|
1,363
|
|
|
Stockholders’ equity
|
|
|
52,992
|
|
|
113,934
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
64,677
|
|
$
|
134,584
|
|
|
|
|
|
|
|
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(1)
|
|
The condensed consolidated balance sheet at December 31, 2007 has
been derived from the audited financial statements at that date
but does not include all of the information and footnotes required
by accounting principles generally accepted in the United States
for complete financial statements.
|
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Source: ACADIA Pharmaceuticals Inc.
ACADIA Pharmaceuticals Inc.
Lisa Barthelemy, Director,
Investor Relations
Thomas H. Aasen, Vice President and Chief
Financial Officer
858-558-2871