Acadia reports loss in Q2, plans to cut 50% jobs

For the six months ended June 30, 2008, Acadia reported a net loss of $34.7 million, or $0.94 per common share, compared to a net loss of $23.3 million, or $0.70 per common share, for the corresponding period of 2007.

Revenues totaled $177,000 for the second quarter of 2008 compared to $2.1 million for the second quarter of 2007. According to Acadia, the decrease in revenues was primarily due to completion of the terms of the company’s agreements with Sepracor and The Stanley Medical Research Institute, as well as lower revenues from its collaborations with Allergan.

Acadia also announced that it will focus on developing a portfolio of its four most advanced product candidates, consisting of two internal compounds as well as two partnered compounds that are funded by Allergan.

In connection with the restructuring, the company plans to reduce its total workforce by about 50% to 65 employees. This restructuring will impact employees at both its San Diego and Malmo sites. Acadia estimates that it will record charges of approximately $2.5 million during the third quarter of 2008 in connection with the restructuring.

Uli Hacksell, CEO of Acadia, said: “We regret that this restructuring will result in a substantial reduction in our workforce involving many dedicated and loyal employees. However, through these actions we believe we have positioned Acadia to achieve key milestones in our advanced clinical programs while at the same time extending our cash runway into the first half of 2010.”