ACADIA Pharmaceuticals Reports Second
Quarter 2010 Financial Results
August 09, 2010 04:04 PM Eastern Daylight Time
SAN DIEGO--(EON: Enhanced Online News)--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 second quarter
ended June 30, 2010.
ACADIA reported a net loss of $4.3 million, or $0.11 per common share, for the second quarter of 2010
compared to a net loss of $12.7 million, or $0.34 per common share, for the second quarter of 2009. For the six
months ended June 30, 2010, ACADIA reported a net loss of $9.8 million, or $0.25 per common share, compared
to a net loss of $27.7 million, or $0.75 per common share, for the comparable period of 2009.
At June 30, 2010, ACADIA’s cash, cash equivalents and investment securities totaled $34.3 million compared to
$47.1 million at December 31, 2009. ACADIA continues to expect its existing cash resources and anticipated
payments from its collaborations will be sufficient to fund its operations through the end of 2011.
“The first half of 2010 was focused on executing our broad development strategy designed to leverage the potential
of pimavanserin over a range of neurological and psychiatric indications with large unmet medical needs together with
our collaborative partner, Biovail,” said Uli Hacksell, Ph.D., Chief Executive Officer of ACADIA Pharmaceuticals.
“We recently initiated a new Phase III trial in Parkinson’s disease psychosis and we are continuing to plan for a
Phase II feasibility study in Alzheimer’s disease psychosis and a Phase III co-therapy trial in schizophrenia. We
believe that pimavanserin along with ACADIA’s other product candidates position us with multiple attractive
product and commercial opportunities providing significant growth potential.”
Revenues increased to $2.3 million for the second quarter of 201