October 26, 2004 General News

ACADIA Pharmaceuticals Earns Milestone on Advancement of Neuropathic Pain Drug

SAN DIEGO, Oct. 26 /PRNewswire-FirstCall/ — 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 announced that Allergan, Inc. (NYSE: AGN) has filed an Investigational New Drug application with the FDA covering a small molecule drug candidate for the treatment of neuropathic pain, triggering a milestone payment to ACADIA.

ACADIA and Allergan have an ongoing collaboration focused on novel treatments for neuropathic pain. “We are delighted that our alliance with Allergan has generated a new class of drug candidates for the treatment of neuropathic pain,” said Uli Hacksell, Ph.D., ACADIA’s Chief Executive Officer. “The success we have achieved in this program exemplifies the longstanding, productive relationship that we have maintained with Allergan, and the combined strength of ACADIA’s and Allergan’s discovery and development capabilities.”

Allergan is responsible for clinical development and has worldwide rights to commercialize products resulting from the companies’ collaboration. ACADIA is entitled to receive milestones and royalties on products successfully developed and commercialized under this collaboration.

About Neuropathic Pain

Neuropathic pain is a common and increasingly prevalent form of pain that is thought to involve an alteration in nervous system function or a reorganization of nervous system structure. It can be associated with nerve damage caused by trauma, diseases such as diabetes, shingles, irritable bowel syndrome, late-stage cancer or the toxic effects of chemotherapy. The experience can range from mildly increased sensitivity to touch or temperature to excruciating pain, and medications currently used to treat other forms of pain — such as opioid painkillers and nonsteroidal anti-inflammatory agents — are usually ineffective and have significant adverse effects. Currently, the leading treatment for neuropathic pain is Neurontin, which had worldwide sales of approximately $2.7 billion in 2003.

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 currently has five drug programs in clinical and preclinical development directed at large unmet medical needs and major commercial markets, including Parkinson’s disease, schizophrenia, chronic pain and glaucoma. Using its proprietary drug discovery platform, ACADIA has discovered all of the drug candidates in its product pipeline. ACADIA’s headquarters and biology research facilities are located in San Diego, California and its chemistry research facilities are located near Copenhagen, Denmark.

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 development of drug candidates for neuropathic pain. 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 development and commercialization. For a discussion of these and other factors, please refer to ACADIA’s registration statement on Form S-1 as well as other subsequent filings with the Securities and Exchange Commission.

For further information, please contact: Uli Hacksell, Ph.D., Chief Executive Officer of ACADIA Pharmaceuticals, +1-858-558-2871.

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