Acadia Pharmaceuticals
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Acadia Pharmaceuticals Inc.
Formerly Receptor Technologies
Type Public
Traded as Nasdaq: ACAD
Russell 2000 component
Industry Biopharmaceutical, Healthcare
Founded 1993; 30 years ago
Headquarters San Diego, California, U.S.
Key people Stephen R. Davis, CEO
Products Pimavanserin
US$339.08 million (2019)
Revenue
Operating income US$−246.55 million (2019)
Net income US$−235.26 million (2019)
US$783.18 million (2019)
Total assets
US$699.14 million (2019)
Total equity
Number of employees 570 (June 30, 2020)
Website acadia.com
Footnotes / references
[1]
Acadia Pharmaceuticals Inc. is a biopharmaceutical company headquartered
in Sorrento Valley, San Diego, California.[2]
Contents
1Product development
2History
o 2.1Corporate governance
3References
Product development[edit]
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]
Acadia is currently awaiting phase-3 trial results for trofenitide, which are due in Q4 of
2021.
History[edit]
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[edit]
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]
