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Acadia Pharma delays seeking approval of Parkinson's Drug; CEO retires

6:36 PM ET 3/11/15 | MarketWatch

By Maria Armental

Shares drop 24% after announcement

Acadia Pharmaceuticals Inc. won't be seeking regulatory approval for its lead drug candidate to treat Parkinson's disease psychosis until the second half of the year.

The announcement came as the San Diego biopharmaceutical company, which focuses on treatment of central nervous system disorders, said longtime Chief Executive Uli Hacksell has resigned from his post, effective immediately.

No reason was specified in a filing with the Securities and Exchange Commission. The company said in a news release Hacksell had retired. Acadia (ACAD) shares plunged 24% to $34 in recent after-hours trading.

Executive Vice President Stephen Davis, who has taken over the top post on an interim basis, said in a conference call with analysts Wednesday afternoon that Hacksell had discussed with board "for some time" retiring

Davis, 53 years old, also serves as chief financial officer and chief business officer, has taken over on an interim basis.

Acadia said additional time to seek regulatory approval was needed to make sure it is ready to support production and supply of its candidate treatment pimavanserin, which would be commercialized as Nuplazid. The Food and Drug Administration granted the drug breakthrough therapy designation last year, which means the FDA will act on the application within 60 days of receipt.

An expanded version of this report appears at WSJ.com (http://www.marketwatch.com/story/acadia-pharmaceuticals-announces-retirement-of-uli-hacksell-phd-chief-executive-officer-2015-03-11).

-Maria Armental; 415-439-6400; [e-mail]

> Dow Jones Newswires

March 11, 2015 18:36 ET (22:36 GMT)

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