>>SAN DIEGO, Aug. 10 /PRNewswire-FirstCall/ -- ACADIA Pharmaceuticals Inc. (Nasdaq: ACAD - News), a biopharmaceutical company utilizing innovative technology to fuel drug discovery and clinical development of novel treatments for central nervous system disorders, today reported its unaudited financial results for the second quarter and six months ended June 30, 2005.
ACADIA reported a net loss of $6.0 million for the second quarter of 2005, compared to a net loss of $5.9 million for the second quarter of 2004. For the six months ended June 30, 2005, ACADIA reported a net loss of $11.6 million, compared to a net loss of $12.4 million for the comparable period of 2004.
At June 30, 2005, ACADIA's cash, cash equivalents, and investment securities totaled $69.0 million, compared to $35.9 million at December 31, 2004. The increase in cash was primarily due to net proceeds from sales of equity securities, including $34 million raised in a private placement in April 2005 and $10 million received from the sale of common stock to Sepracor Inc. in January 2005 in connection with a new collaboration agreement, partially offset by cash used to fund ACADIA's operations in 2005.
"The second quarter of 2005 was an important period for ACADIA, highlighted by the completion of our financing and considerable progress in our lead clinical programs," said Uli Hacksell, Ph.D., ACADIA's Chief Executive Officer. "We believe that we are now well positioned to deliver a series of clinical milestones throughout the remainder of 2005 and into 2006 as we continue to advance our pipeline of innovative drugs to treat central nervous system disorders and other areas of unmet medical need."
Collaborative revenues increased to $2.5 million for the second quarter of 2005, compared to $1.0 million for the second quarter of 2004. This increase was primarily due to $923,000 in revenues recognized under ACADIA's collaboration with Sepracor, which commenced in January 2005, and $500,000 in revenues earned pursuant to ACADIA's 2004 development agreement with the Stanley Medical Research Institute. Revenues from ACADIA's collaborations with Allergan totaled $1.1 million and $1.0 million for the three months ended June 30, 2005 and 2004, respectively.
Research and development expenses increased to $6.6 million for the second quarter of 2005 from $5.4 million for the second quarter of 2004. The increase in expenses largely reflected increased clinical development costs associated with ACADIA's proprietary Phase II programs and costs associated with expansion of ACADIA's research and development organization.
General and administrative expenses increased to $2.1 million for the second quarter of 2005 from $880,000 for the comparable quarter of 2004. The increase in general and administrative expenses was due primarily to increased professional fees, insurance costs and personnel expenses associated with ACADIA operating as a publicly traded company.
Non-cash, stock-based compensation expenses decreased to $395,000 for the second quarter of 2005 from $615,000 for the second quarter of 2004.
Second Quarter 2005 Highlights
* ACADIA significantly strengthened its balance sheet raising net
proceeds of $34 million from the sale of shares of common stock and
warrants to purchase common stock in a private placement.
* ACADIA reported encouraging results from a planned interim trend
analysis of its ongoing multi-center Phase II clinical trial of
ACP-103 for treatment-induced psychosis in patients with Parkinson's
disease. The interim trend analysis, which was based on data from the
first 30 patients to complete the study, showed a greater reduction in
psychotic symptoms in the ACP-103 treatment group relative to the
placebo group. ACADIA anticipates reporting results from the complete
trial encompassing 60 patients in late-2005 or early-2006.
* ACADIA continued to advance its proprietary Phase II schizophrenia
programs: ACP-103 as an adjunctive therapy for schizophrenia and
ACP-104 as a stand-alone treatment for schizophrenia. ACADIA
anticipates reporting initial Phase II results in each of these
programs during 2005.
* ACADIA enhanced its drug discovery and development capabilities
through the consolidation of its chemistry operations in a new
custom-built chemistry research and development facility located in
Malmo, Sweden.
Conference Call and Webcast Information
Uli Hacksell, Ph.D., Chief Executive Officer, and Thomas H. Aasen, Vice President and Chief Financial Officer, will review second quarter results and the Company's development programs via conference call and webcast later today at 4:30 p.m. Eastern Time. The conference call may be accessed by dialing 866-700-7477 for participants from the U.S. or Canada and 617-213-8840 for international callers (reference participant passcode 70881736). The conference call also will be webcast live on ACADIA's website, www.acadia-pharm.com, under the investors section and will be archived there until August 24, 2005. A telephone replay of the conference call may be accessed through August 24, 2005 by dialing 888-286-8010 for callers in the U.S. or Canada and 617-801-6888 for international callers (reference passcode 28397094).<<
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This beats estimates by four pennies; revenue beat by a million. It would seem analysts failed to model the Sepracor chunk this quarter. Whatever, a few timelines for milestones given, but I don't think they are new. Hopefully these results will stabilize the stock.
Cheers, Tuck |
