Acadia Pharmaceuticals

Acadia Pharmaceuticals Inc. is a biopharmaceutical company headquartered in Sorrento Valley, San Diego, California.[2]

Acadia Pharmaceuticals Inc.
FormerlyReceptor Technologies
TypePublic
IndustryBiopharmaceutical, Healthcare
Founded1993
HeadquartersSan Diego, California, U.S.
Key people
Stephen R. Davis, CEO
ProductsPimavanserin
Revenue US$339.08 million (2019)
US$−246.55 million (2019)
US$−235.26 million (2019)
Total assets US$783.18 million (2019)
Total equity US$699.14 million (2019)
Number of employees
570 (June 30, 2020)
Websiteacadia-pharm.com
Footnotes / references
[1]

Product development

Nuplazid, a drug developed by Acadia in the late 1990s, "was designed to stimulate a subset of the brain’s serotonin receptors, or the proteins that govern memory, cognition and learning."[3] On April 29, 2016, the FDA approved Acadia's drug, Nuplazid, for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis.[4] Nuplazid is the trade name for Acadia's proprietary molecule, pimavanserin, a selective serotonin inverse agonist preferentially targeting 5-HT2a receptors. Acadia had partnered with Biovail in the late-stage clinical testing of the drug, which showed trial failures as of 2009.[5][6][7]

Acadia is running multiple Phase 2 and Phase 3 trials with pimavanserin in several central nervous system conditions: dementia-related psychosis,[8] major depressive disorder,[9] schizophrenia inadequate response,[10] and schizophrenia negative symptoms.[11]

As of 1997, Acadia was among several companies that licensed compounds from Genzyme's small-molecule compound library.[12]

History

Acadia started in 1993 as Receptor Technologies, based in Winooski, Vermont.[13] In 1997, the company relocated all operations and management from Vermont to San Diego, California as a strategic move to garner partnerships with other biotechnology companies.[13] However, the company also had an office in Denmark, in which it received a crucial part of its early investments[13][14] from BankInvest,[14] under managing director Florian Schönharting,[15][16][17] Kommunernes Pensionsforsikring A/S[14] and Dansk Kapitalanlæg Aktieselskab[14] as well as private investor Lars Christiansen.[18][14] At the time, the company had fifty employees, fourteen of whom were in the Denmark office.[13] The focus of the company in its early years was on genetic screens for receptors, aiming to accelerate early stage drug discovery.[13]

The company planned to conduct an Initial public offering (IPO) consisting of 31.6% of the company in 2001, with the intention of raising US$64 million and listing on the NASDAQ exchange under the symbol ACAD.[19] At the time, Acadia and Allergan were collaborating on development of a treatment for glaucoma, and Allergan would retain a 6.3% ownership stake in Acadia after the IPO.[19] However, the company's IPO, which ultimately took place in May 2004,[7] did not fare as well as expected and netted only US$35 million .[20] At the time, the company had five drugs in development and was running two in human trials.[21] The company had a subsequent round of stock offering in May 2007 which raised US$102 million .[22]

In September 2020, Acadia Pharmaceuticals acquired clinical-stage biotechnology company CerSci Therapeutics.[23]

Corporate governance

In 2001, the company's chief executive officer at the time, Leonard R. Borrmann, left Acadia to lead Maret Pharmaceuticals.[24] He was succeeded by Uli Hacksell, who left Acadia to lead Cerecor at the beginning of 2016.[25]

References
  1. "Acadia Pharmaceuticals Annual Report 2019" (PDF). www.annualreports.com. ACADIA Pharmaceuticals for 10K.
  2. Singer, Stacey (November 26, 2005). "Jupiter's Abacoa site in the mix". The Palm Beach Post. 36 (19) (Final ed.). West Palm Beach, Florida: Cox. p. 4A – via Newspapers.com.
  3. Boyd, Roddy (2018-07-09). "Acadia Pharmaceuticals: This Is Not a Pharmaceutical Company". The Foundation for Financial Journalism. Retrieved 2020-06-29.
  4. "FDA Press Release". April 29, 2016.
  5. "Market Movers". The Record. 115 (335). Hackensack, New Jersey: North Jersey Media Group. May 5, 2009. p. B-8 – via Newspapers.com.
  6. "Acadia, Biovail plan more study on Parkinson's drug". The Ottawa Citizen. Ottawa, Ontario: Canwest. October 7, 2009. p. D3 – via Newspapers.com.
  7. "Market Movers". The Record. 115 (90). Hackensack, New Jersey: New Jersey Media Group. September 2, 2009. p. L-8 – via Newspapers.com.
  8. "Acadia Is Starting Phase 3 Trial of Nuplazid for Dementia-related Psychosis".
  9. "ACADIA Pharmaceuticals Initiates Phase III Trial of Pimavanserin for Adjunctive Treatment in Patients with Schizophrenia".
  10. "ACADIA Pharmaceuticals Initiates Phase III Trial of Pimavanserin for Adjunctive Treatment in Patients with Schizophrenia".
  11. "ACADIA Pharmaceuticals Initiates Phase II Trial of Pimavanserin for Adjunctive Treatment in Patients With Negative Symptoms of Schizophrenia".
  12. Rosenberg, Ronald (December 19, 1997). "Bayer AG buys access to Genzyme library". The Boston Globe. 252 (172). p. C7 – via Newspapers.com.
  13. Fikes, Bradley J. (August 20, 1997). "Biotech with Danish ties settles on San Diego". North County Times. p. D1 – via Newspapers.com.
    "Biotech", continuation of article, p. D2.
  14. "Acadia Pharmaceuticals SEC filing 2000". SEC. 27 November 2020. Retrieved 27 November 2020.
  15. Vestergård, Vibeke (2017-07-21). "Biotekpioneren får milliarderne til at rulle". Berlingske.dk (in Danish). Retrieved 2020-11-27.
  16. "Genmab", Wikipedia, 2020-11-26, retrieved 2020-11-27
  17. Haaning, Karen (2018-10-20). "Biotekstjerne spottede de gode forretninger". Berlingske.dk (in Danish). Retrieved 2020-11-27.
  18. ""The initial plans you work with will fail"". investiere. 2019-12-13. Retrieved 2020-11-27.
  19. "Drug Developer Acadia Pharmaceuticals Files for IPO". Los Angeles Times. CXX (65). Tribune Publishing Company. Bloomberg. February 6, 2001. p. C3. Retrieved 7 Dec 2019 – via Newspapers.com.
  20. Krasner, Jeffrey (August 16, 2004). "As money-raisers, this year's biotech IPOs falling short". The Boston Globe. 266 (47). Boston, Massachusetts. p. C4 – via Newspapers.com.
  21. Krasner, Jeffrey (August 23, 2004). "A disappointing year for biotech IPOs". Austin American-Statesman. 134 (26) (Final ed.). Austin, Texas: Cox. Boston Globe. p. D2 – via Newspapers.com.
  22. "Equity > Additional Equity > Piper Jaffrey & Co". Quarterly Deal Report, 2nd Quarter, 2007. Star Tribune. XXVI (110). Minneapolis-St. Paul, Minnesota. July 23, 2007. p. D7 – via Newspapers.com.
  23. "ACADIA Acquires CerSci Therapeutics to Boost Pain Portfolio". news.yahoo.com. Retrieved 2020-09-13.
  24. "New Chief at Maret Pharmaceuticals". Orange County Newsmakers. Los Angeles Times. CXX (86) (National ed.). Tribune Publishing Company. February 27, 2001. p. C4 – via Newspapers.com.
  25. "Cerecor's shares surge 25% after the CEO is replaced". The Baltimore Sun. 178 (357). Baltimore, Maryland: Tribune Publishing Company. December 23, 2015. p. 10 – via Newspapers.com.
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