Acadia Pharmaceuticals Raises $35 Mln in Initial Stock Offering
2004-05-26 18:04 (New York)
Acadia Pharmaceuticals Raises $35 Mln in Initial Stock Offering
By Brett Cole
May 27 (Bloomberg) -- Acadia Pharmaceuticals Inc., which is
developing drugs to treat central nervous system disorders,
raised $35 million in an initial public offering to fund research
and development.
Acadia, based in San Diego, California, sold 5 million
shares at $7 each, compared with a price range of $7 to $8 a
share indicated in a Securities and Exchange Commission filing.
Banc of America Securities LLC and Piper Jaffray Cos.
managed the share sale, and will share fees of $2.5 million with
JMP Securities and Adams, Harkness & Hill Inc.
Acadia had five drug programs in clinical and pre-clinical
development including one for treatment-induced dysfunction in
Parkinson's disease and another for the treatment of
schizophrenia. In the three months to March 31, the company had a
net loss of $6.5 million, compared with a net loss of $3.4
million in the first three months of 2003.
After the IPO, Oxford Bioscience Partners IV will have a
13.7 percent stake in Acadia. The company's Chief Executive
Officer, Uli Hacksell, 53, will have a 2.6 percent shareholding.
Acadia's shares will trade under the symbol ``ACAD.'' |
