>>ACADIA Pharmaceuticals Reports First Quarter 2007 Financial Results
Tuesday May 8, 4:01 pm ET
SAN DIEGO--(BUSINESS WIRE)--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 first quarter ended March 31, 2007.
ACADIA reported a net loss of $12.6 million, or $0.42 per common share, for the first quarter of 2007 compared to a net loss of $9.5 million, or $0.39 per common share, for the first quarter of 2006. The net losses for the first quarters of 2007 and 2006 included $1.3 million and $900,000, respectively, in non-cash, stock-based compensation expense.
At March 31, 2007, ACADIA's cash, cash equivalents, and investment securities totaled $69.9 million compared to $83.3 million at December 31, 2006. Following the end of the first quarter, ACADIA raised an additional $96.1 million in net proceeds from a public offering in April 2007.
"The beginning of 2007 has been a remarkable period for ACADIA, highlighted by positive top-line results from our Phase II schizophrenia co-therapy trial with pimavanserin, and the completion of our recent public offering," said Uli Hacksell, Ph.D., ACADIA's Chief Executive Officer. "Meanwhile, we are also in the final stages of preparations to initiate the first pivotal trial in our Phase III program with pimavanserin for Parkinson's disease psychosis and our Phase IIb trial with ACP-104 for schizophrenia. We look forward to continuing this momentum through the remainder of 2007."
Revenues totaled $2.0 million for the first quarter of 2007 compared to $2.5 million for the first quarter of 2006. This decrease was primarily due to lower revenues recognized under ACADIA's collaborations with Allergan, Inc. Revenues from ACADIA's agreements with Sepracor Inc. and The Stanley Medical Research Institute totaled $889,000 and $750,000, respectively, for the first quarter of 2007, compared to $931,000 and $500,000, respectively, for the first quarter of 2006.
Research and development expenses totaled $12.3 million for the first quarter of 2007, including $904,000 in stock-based compensation, compared to $9.7 million for the first quarter of 2006, including $551,000 in stock-based compensation. The increase in research and development expenses was primarily due to increased costs associated with the development of ACADIA's proprietary clinical programs, including $1.0 million in increased fees paid to external service providers, which totaled $4.9 million for the first quarter of 2007, and increased costs associated with expansion of ACADIA's development organization.
General and administrative expenses totaled $3.2 million for the first quarter of 2007, including $370,000 in stock-based compensation, compared to $2.7 million for the first quarter of 2006, including $349,000 in stock-based compensation. The increase in general and administrative expenses was primarily due to increased professional fees, including costs associated with patents and patent applications for our intellectual property, and increased costs associated with expansion of ACADIA's administrative organization.
ACADIA has indicated that it anticipates that its cash, cash equivalents and investment securities will be greater than $120 million at December 31, 2007.
First Quarter 2007 and Recent Highlights
ACADIA reported positive top-line results in March 2007 from a Phase II schizophrenia co-therapy trial, which demonstrated several advantages of co-therapy with pimavanserin (previously referred to as ACP-103), including enhanced efficacy, faster onset of antipsychotic action, and an improved side-effect profile.
ACADIA made presentations at the 2007 International Congress on Schizophrenia Research covering top-line data from its pimavanserin Phase II schizophrenia co-therapy trial, as well as preclinical and top-line clinical data on ACP-104 for the treatment of schizophrenia.
ACADIA nominated ACP-106, a proprietary, potent and selective 5-HT2A inverse agonist, as a clinical candidate. ACADIA believes that ACP-106 and other compounds in its serotonin program will enable ACADIA, alone or in collaboration, to more broadly pursue a range of potential CNS-related therapeutic indications.
ACADIA completed a public offering in April 2007, raising net proceeds of $96.1 million through the sale of approximately 6.6 million shares of its common stock.
Conference Call and Webcast Information
ACADIA management will review first quarter results and highlights via conference call and webcast later today at 5:00 p.m. Eastern Time. The conference call may be accessed by dialing 800-299-7928 for participants in the U.S. or Canada and 617-614-3926 for international callers (reference passcode 99646143). A telephone replay of the conference call may be accessed through May 22, 2007 by dialing 888-286-8010 for callers in the U.S. or Canada and 617-801-6888 for international callers (reference passcode 59529452). 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 May 22, 2007.<<
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ACP-106 would be their own? Stock is off some after hours, to about $13 last I looked.
Cheers, Tuck |
