ACADIA Pharmaceuticals Inc. (Nasdaq: ACAD), 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, 2010.
“The beginning of 2010 has been an important period for ACADIA as we and our pimavanserin partner, Biovail, have advanced our preparations for clinical trials of pimavanserin in three separate indications with large unmet medical needs”
ACADIA reported a net loss of $5.5 million, or $0.14 per common share, for the first quarter of 2010 compared to a net loss of $15.0 million, or $0.40 per common share, for the first quarter of 2009.
At March 31, 2010, ACADIA's cash, cash equivalents, and investment securities totaled $40.6 million compared to $47.1 million at December 31, 2009. ACADIA continues to expect its existing cash resources and anticipated payments from its collaborations will be sufficient to fund its operations through the end of 2011.
"The beginning of 2010 has been an important period for ACADIA as we and our pimavanserin partner, Biovail, have advanced our preparations for clinical trials of pimavanserin in three separate indications with large unmet medical needs," said Uli Hacksell, Ph.D., Chief Executive Officer of ACADIA. "We have refined the design of our new Phase III trial in Parkinson's disease psychosis and we remain on track to initiate this study mid-year. We also are continuing to plan for Phase III co-therapy trials in schizophrenia and a Phase II feasibility study for Alzheimer's disease psychosis. We believe this broad development program with pimavanserin, coupled with ACADIA's other product candidates in development, positions us with multiple attractive product and commercial opportunities and significant growth potential."
Revenues increased to $2.1 million for the first quarter of 2010 from $374,000 for the first quarter of 2009. This increase was primarily due to $1.4 million in revenues recognized under ACADIA's collaboration with Biovail, which commenced in May 2009, as well as increased revenues from other agreements.
Research and development expenses decreased to $5.8 million for the first quarter of 2010, including $229,000 in stock-based compensation, from $12.6 million for the first quarter of 2009, including $221,000 in stock-based compensation. This decrease was primarily due to $5.3 million in lower external service costs as well as cost savings from ACADIA's restructuring implemented in October 2009. The decrease in external service costs was primarily attributable to lower clinical costs incurred on ACADIA's Phase III program with pimavanserin for Parkinson's disease psychosis.
General and administrative expenses decreased to $1.8 million for the first quarter of 2010, including $252,000 in stock-based compensation, from $3.0 million for the first quarter of 2009, including $354,000 in stock-based compensation. This decrease was primarily due to lower external service costs and cost savings from ACADIA's restructuring.
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