ACADIA Pharmaceuticals Reports Third Quarter 2009 Financial Results

SAN DIEGO—(BUSINESS WIRE)—Nov. 9, 2009—ACADIA Pharmaceuticals Inc. (Nasdaq: ACAD), a biopharmaceutical companyutilizing innovative technology to fuel drug discovery and clinicaldevelopment of novel treatments for central nervous system disorders,today reported its unaudited financial results for the third quarterended September 30, 2009.

ACADIA reported a net loss of $8.7 million, or $0.23 per common share,for the third quarter of 2009 compared to a net loss of $15.6 million,or $0.42 per common share, for the third quarter of 2008. For the ninemonths ended September 30, 2009, ACADIA reported a net loss of $36.5million, or $0.98 per common share, compared to a net loss of $50.3million, or $1.36 per common share, for the comparable period of 2008.

At September 30, 2009, ACADIA’s cash, cash equivalents, and investmentsecurities totaled $54.9 million compared to $60.1 million at December31, 2008.

“The cost saving measures that we recently have undertaken extended ourcash runway through 2011 and have positioned ACADIA to continue topursue its portfolio of product candidates that provide multipleclinical and commercial opportunities,” said Uli Hacksell, Ph.D., ChiefExecutive Officer of ACADIA. “While we were disappointed with theresults of the first Phase III trial in Parkinson’s disease psychosisannounced during the third quarter, we remain enthusiastic about thebroad development strategy we are pursuing together with Biovail, whichprovides the opportunity to fully explore the clinical and commercialpotential of pimavanserin over three different neurological andpsychiatric indications with large unmet medical needs.”

Revenues increased to $2.4 million for the third quarter of 2009 from$282,000 for the third quarter of 2008. This increase was primarily dueto $1.9 million in revenues recognized under ACADIA’s collaboration withBiovail, which commenced in May 2009, as well as increased revenues fromother agreements.

Research and development expenses decreased to $9.2 million for thethird quarter of 2009, including $280,000 in stock-based compensation,from $13.4 million for the third quarter of 2008, including $346,000 instock-based compensation. The decrease in research and developmentexpenses was primarily due to $3.6 million in decreased personnel andother costs associated with ACADIA’s research and developmentorganization following a restructuring in August 2008, and lowerexternal service costs. External service costs totaled $6.1 million forthe third quarter of 2009, compared to $6.6 million for the thirdquarter of 2008, and were primarily comprised of development costs forpimavanserin.

General and administrative expenses decreased to $2.0 million for thethird quarter of 2009, including $331,000 in stock-based compensation,from $3.0 million for the third quarter of 2008, including $446,000 instock-based compensation. The decrease in general and administrativeexpenses was primarily due to $813,000 in decreased personnel costs, andlower external service costs.

In October 2009, ACADIA implemented a restructuring to furtherstreamline its operations, reduce its internal operating expenses, andextend its cash runway. Following these cost saving measures, ACADIAcurrently anticipates that its cash, cash equivalents and investmentsecurities will be in the range of $43 to $45 million at December 31,2009, and that the Company’s existing cash resources and anticipatedpayments from its collaborations will be sufficient to fund itsoperations through the end of 2011.

Conference Call and Webcast Information

ACADIA management will review its third quarter results and developmentprograms via conference call and webcast today at 5:00 p.m. EasternTime. The conference call may be accessed by dialing 866-510-0707 forparticipants in the U.S. or Canada and 617-597-5376 for internationalcallers (reference passcode 92783090). A telephone replay of theconference call may be accessed through November 23, 2009 by dialing888-286-8010 for callers in the U.S. or Canada and 617-801-6888 forinternational callers (reference passcode 21130876). The conference callalso will be webcast live on ACADIA’s website, www.acadia-pharm.com,under the investors section and will be archived there until November23, 2009.

About ACADIA Pharmaceuticals

ACADIA is a biopharmaceutical company utilizing innovative technology tofuel drug discovery and clinical development of novel treatments forcentral nervous system disorders. ACADIA’s product candidates includepimavanserin in Phase III development for Parkinson’s disease psychosisin collaboration with Biovail, a product candidate in Phase II forchronic pain and a product candidate in Phase I for glaucoma, both incollaboration with Allergan, and AM-831 in IND-track development incollaboration with Meiji Seika Kaisha. All of the product candidates inACADIA’s pipeline emanate from discoveries made using its proprietarydrug discovery platform. ACADIA maintains a website at www.acadia-pharm.comto which ACADIA regularly posts copies of its press releases as well asadditional information and through which interested parties cansubscribe to receive email alerts.

Forward-Looking Statements

Statements in this press release that are not strictly historical innature are forward-looking statements. These statements include but arenot limited to statements related to the progress and timing of ACADIA’sdrug discovery and development programs either alone or with a partner,including clinical trials and the results therefrom, and the benefits tobe derived from ACADIA’s product candidates, in each case includingpimavanserin, potential payments under its collaboration agreements, itsfuture cash position and the length of its cash runway. These statementsare only predictions based on current information and expectations andinvolve a number of risks and uncertainties. Actual events or resultsmay differ materially from those projected in any of such statements dueto various factors, including the risks and uncertainties inherent indrug discovery, development and commercialization, and collaborationswith others, and the fact that past results of clinical trials may notbe indicative of further trial results. For a discussion of these andother factors, please refer to ACADIA’s annual report on Form 10-K forthe year ended December 31, 2008 as well as other subsequent filingswith the Securities and Exchange Commission. You are cautioned not toplace undue reliance on these forward-looking statements, which speakonly as of the date hereof. This caution is made under the safe harborprovisions of the Private Securities Litigation Reform Act of 1995. Allforward-looking statements are qualified in their entirety by thiscautionary statement and ACADIA undertakes no obligation to revise orupdate this press release to reflect events or circumstances after thedate hereof.

Source: ACADIA Pharmaceuticals Inc.

ACADIA Pharmaceuticals Inc.
Thomas H. Aasen, VicePresident and Chief Financial Officer
858-558-2871