Acadia Pharmaceuticals Q4 net loss declines to $14m

Acadia Pharmaceuticals, a developer of small molecule drugs for the treatment of central nervous system disorders, has reported a net loss of $14m, or $0.38 per share, for the fourth quarter of 2008, compared to a net loss of $17m, or $0.46 per share, for the fourth quarter of 2007.

For the year ended December 31, 2008, Acadia reported a net loss of $64.2m, or $1.73 per share, compared to a net loss of $56.4m, or $1.60 per share, for 2007.

Revenues totaled $325,000 for the fourth quarter of 2008, compared to $1.6m for the fourth quarter of 2007. The decrease was primarily due to the completion in early 2008 of the term of Acadia’s agreement with Sepracor as well as lower revenues from its agreements with other parties, the company said. For the year ended December 31, 2008, Acadia reported total revenues of $1.6m, compared to $7.5m for 2007.

Uli Hacksell, Acadia’s CEO, said: The fourth quarter of 2008 was highlighted by continued progress in the development of our advanced product candidates, most notably our Phase III program with pimavanserin for Parkinson’s disease psychosis.

We look forward to reporting top-line results from the first pivotal Phase III trial with pimavanserin in the third quarter of 2009. With our portfolio of product candidates and the disciplined actions we implemented last year to streamline our cost structure, we have positioned Acadia with multiple product and commercial opportunities while strengthening our cash runway.