ACADIA Pharmaceuticals Inc. announced that it intends to offer and sell, subject to market and other conditions, shares of its common stock in an underwritten public offering. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. --updated 5/15 - ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) today announced the pricing of an underwritten public offering of 8,000,000 shares of its common stock, offered at a price to the public of $12.50 per share. The gross proceeds from this offering to ACADIA are expected to be $100 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by ACADIA. ACADIA has granted the underwriters a 30-day option to purchase up to an aggregate of 1,200,000 shares of common stock to cover over-allotments, if any. The offering is expected to close on or about May 20, 2013, subject to customary closing conditions. ACADIA expects to use net proceeds of this offering to fund ongoing and new clinical trials and development and commercialization efforts for pimavanserin and its other product candidates and for general corporate purposes, which may include research, development and commercialization expenses, capital expenditures, working capital, and general and administrative expenses.
Acadia Pharmaceuticals is a biopharmaceutical company focused on small molecule drugs that address medical needs in neurological and related central nervous system disorders. Co. has four product candidates in clinical development: pimavanserin, a potential treatment for Parkinson's disease psychosis; Alpha Adrenergic Agonists, which provide pain relief for chronic pain; Muscarinic Agonist, for glaucoma; and AM-831, for schizophrenia. Co. has also used its proprietary drug discovery platform to discover additional product candidates. These include two preclinical programs that provide the potential for disease-modifying therapies for Parkinson's disease and other neurological disorders.
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