ACADIA Reports Increase In Revenue For Q3

ACADIA Pharmaceuticals reported an increase in revenue to $2.4m for the third quarter of 2009 from $282,000 for the third quarter of 2008. For the nine month ended period, the revenue was $4.6m, compared to $1.3m for the same period 2008.

The company reported a net loss of $8.7m, or $0.23 per common share, for the third quarter of 2009 compared to a net loss of $15.6m, or $0.42 per common share, for the third quarter of 2008. For the nine months ended, ACADIA reported a net loss of $36.5m, or $0.98 per common share, compared to a net loss of $50.3m, or $1.36 per common share, for the comparable period of 2008.

Uli Hacksell, chief executive officer of ACADIA, said: “The cost saving measures that we recently have undertaken extended our cash runway through 2011 and have positioned ACADIA to continue to pursue its portfolio of product candidates that provide multiple clinical and commercial opportunities.

“While we were disappointed with the results of the first Phase III trial in Parkinson’s disease psychosis announced during the third quarter, we remain enthusiastic about the broad development strategy we are pursuing together with Biovail, which provides the opportunity to fully explore the clinical and commercial potential of pimavanserin over three different neurological and psychiatric indications with large unmet medical needs.”