"Starting fresh in 2013 Acadia had a pretty impressive 2012. After a couple adjustments to the design of its phase 3 trial of its flagship drug pimavanserin, the company declared that the trial was a success. Upon that announcement, the share price jumped 136%, and it would be only a matter of time before the company issued shares to help finance the last leg of its phase 3 program. That day came back in December, when Acadia raised $86 million for that very purpose.
If this drug were to make it all the way through FDA approval, it would be the only FDA-approved drug to deal with Parkinson's disease psychosis. The only treatment used so far to deal with this has been anti-psychotics like AstraZeneca's (NYSE: AZN ) Seroquel, which have not truly dealt with psychosis or have hampered the effectiveness of other treatments for motor function associated with the disease. Without any upcoming competition, it looks like pimavanserin could be a big hit for the company.
Pending expenditures for the fourth quarter, Acadia will have about $106 million in cash and marketable securities on hand. Based on the company's last earnings release, Acadia spent about $15.3 million in operating expenses for the first nine months of the fiscal year. Of course, we can assume that it will spend more as these trials become more complex, but unless spending levels take an unexpected turn toward the stratosphere, this haul of cash should easily take Acadia through 2013 and possibly through a large part of 2014 as well."
and Baker Brothers put someone on the BOD yesterday:
"ACADIA Pharmaceuticals Announces Election of Stephen R. Biggar to Its Board of Directors 9:00 AM ET, 01/22/2013 - Business Wire SAN DIEGO--(BUSINESS WIRE)--Jan. 22, 2013-- ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD), a biopharmaceutical company focused on innovative treatments that address unmet medical needs in neurological and related central nervous system disorders,today announced the election of Stephen R. Biggar, M.D., Ph.D., to its board of directors. Dr. Biggar will fill a vacancy on ACADIA’s board and serve as a Class II director. The terms of the Class II directors will expire at the annual meeting of stockholders in 2015.
“This is a particularly exciting time to join the ACADIA board following the highly successful results from the pivotal Phase III Parkinson’s disease psychosis trial with pimavanserin,” said Dr. Biggar. “I share in ACADIA’s enthusiasm and belief that pimavanserin has the potential to transform the treatment landscape for patients suffering from this serious disorder and may also offer an improved therapy option for a broader range of neuropsychiatric disorders. Following the recent financing, which raised $86 million, ACADIA has a solid foundation for building the full potential of pimavanserin. I look forward to being a part of the ACADIA team as we work to develop and commercialize pimavanserin and other potential new drugs that may improve the lives of patients.”
Dr. Biggar serves as a Partner at Baker Brothers Investments, a fund management company focused on long-term investments in life-sciences companies. From April 2002 to October 2006, he served as a Principal with Baker Brothers Investments which he had joined as an Associate in April 2000. Prior to joining Baker Brothers, Dr. Biggar received an M.D. and a Ph.D. in Immunology from Stanford University and received a B.S. in Genetics from the University of Rochester. Dr. Biggar also serves as a director for Synageva BioPharma Corp., a publicly traded biotechnology company.
“We are delighted that Steve has joined ACADIA’s board,” said Uli Hacksell, Ph.D., ACADIA’s Chief Executive Officer. “His extensive experience as an investor in a wide range of biotechnology companies together with his medical and scientific training will provide our board with a unique perspective and enhance our collective experience.”
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