Acadia Now Has The Cash To Finish Phase III On Its Own
This article was originally published in The Pink Sheet Daily
After announcing promising Phase III data in late November, Acadia Pharmaceuticals conducted a private placement of nearly 20 million shares that will net the company $86.4 million in funds to continue running its Phase III program for pimavanserin in Parkinson’s disease psychosis.
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More than two dozen biotechs offer 2x returns in 2012, as investors pin their hopes on some hematology oncology and CNS plays. Investors think the party may continue into next year, but perhaps not so giddily.
Acadia’s serotonin 5-HT2A receptor blocker demonstrated efficacy in a Phase III trial in patients with Parkinson’s disease psychosis, giving the drug a second chance to reach the market. Pimavanserin previously failed to demonstrate efficacy in an original Phase III trial.
First of two Phase III studies in Parkinson’s disease psychosis is set to yield data in the third quarter.