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Biotech / Medical : biotech firesales

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From: Ian@SI	3/11/2015 7:08:14 PM
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ACAD about 25% AH March 11 (Reuters) - Acadia Pharmaceuticals Inc said it had delayed submitting a U.S. marketing application for its lead drug, nuplazid, and that its chief executive was retiring. The company's shares fell about 22 percent in after-hours trading on Wednesday, a day after rumors that the company was a takeover target pushed its stock to a record high. Acadia will now seek approval for nuplazid as a treatment for psychosis associated with Parkinson's disease in the second half of the year, as it needs more time to prepare its manufacturing operations, the company said. The company originally intended to submit the application in the first quarter. "The change in submission timing is not a result of any change to nuplazid's clinical or safety profile, nor is it a result of any interaction with or request for information from the FDA," Acadia said in a statement. Separately, Acadia said Uli Hacksell had retired as chief executive and board member, and Chief Financial Officer Steve Davis would take over as interim CEO. Hacksell has headed the company since September 2000. Nuplazid is also being tested for use in Alzheimer's disease-related psychosis and schizophrenia.

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