ACADIA Pharmaceuticals Expands Private Placement to $28 Million
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.
Uli Hacksell, Ph.D., Chief Executive Officer
Thomas H. Aasen, Chief Financial Officer