Acadia Pharmaceuticals

Last updated
Acadia Pharmaceuticals Inc.
FormerlyReceptor Technologies
Company type Public
Industry
Founded1993;31 years ago (1993)
Headquarters San Diego, California, U.S.
Key people
Stephen R. Davis (CEO)
Products Pimavanserin
RevenueIncrease2.svg US$339.08 million(2019)
Increase2.svgUS$−246.55 million(2019)
Increase2.svgUS$−235.26 million(2019)
Total assets Increase2.svgUS$783.18 million(2019)
Total equity Increase2.svgUS$699.14 million(2019)
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

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]

In 2023, the FDA approved trofinetide (marketed as Daybue) for use in Rett syndrome. [13]

History

Acadia started in 1993 as Receptor Technologies, based in Winooski, Vermont. [14] 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. [14] However, the company also had an office in Denmark, in which it received a crucial part of its early investments [14] [15] from BankInvest, [15] under managing director Florian Schönharting, [16] [17] [18] Kommunernes Pensionsforsikring A/S [15] and Dansk Kapitalanlæg Aktieselskab [15] as well as private investor Lars Christiansen. [19] [15] At the time, the company had fifty employees, fourteen of whom were in the Denmark office. [14] The focus of the company in its early years was on genetic screens for receptors, aiming to accelerate early stage drug discovery. [14]

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. [20] 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. [20] 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. [21] At the time, the company had five drugs in development and was running two in human trials. [22] The company had a subsequent round of stock offering in May 2007 which raised US$102 million. [23]

In September 2020, Acadia Pharmaceuticals acquired clinical-stage biotechnology company CerSci Therapeutics. [24]

Corporate governance

In 2001, the company's chief executive officer at the time, Leonard R. Borrmann, left Acadia to lead Maret Pharmaceuticals. [25] He was succeeded by Uli Hacksell, who left Acadia to lead Cerecor at the beginning of 2016. [26]

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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. Vol. 36, no. 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. Vol. 115, no. 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. 1 2 "Market Movers". The Record. Vol. 115, no. 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". 6 October 2017.
  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. Vol. 252, no. 172. p. C7 – via Newspapers.com.
  13. ↑ Harris, Emily (2023-03-22). "Trofinetide Receives FDA Approval as First Drug for Rett Syndrome". JAMA. 329 (14): 1142. doi:10.1001/jama.2023.4003. PMID   36947078 . Retrieved 12 July 2023.
  14. 1 2 3 4 5 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.
  15. 1 2 3 4 5 "Acadia Pharmaceuticals SEC filing 2000". SEC. 27 November 2020. Retrieved 27 November 2020.
  16. ↑ Vestergård, Vibeke (2017-07-21). "Biotekpioneren får milliarderne til at rulle". Berlingske.dk (in Danish). Retrieved 2020-11-27.
  17. ↑ "Genmab", Wikipedia, 2020-11-26, retrieved 2020-11-27
  18. ↑ Haaning, Karen (2018-10-20). "Biotekstjerne spottede de gode forretninger". Berlingske.dk (in Danish). Retrieved 2020-11-27.
  19. ↑ ""The initial plans you work with will fail"". investiere. 2019-12-13. Retrieved 2020-11-27.
  20. 1 2 "Drug Developer Acadia Pharmaceuticals Files for IPO". Los Angeles Times. Vol. CXX, no. 65. Bloomberg. February 6, 2001. p. C3. Retrieved 7 Dec 2019– via Newspapers.com.
  21. ↑ Krasner, Jeffrey (August 16, 2004). "As money-raisers, this year's biotech IPOs falling short". The Boston Globe. Vol. 266, no. 47. Boston, Massachusetts. p. C4 – via Newspapers.com.
  22. ↑ Krasner, Jeffrey (August 23, 2004). "A disappointing year for biotech IPOs". Austin American-Statesman. Vol. 134, no. 26 (Final ed.). Austin, Texas: Cox. Boston Globe. p. D2 – via Newspapers.com.
  23. ↑ "Equity > Additional Equity > Piper Jaffrey & Co". Quarterly Deal Report, 2nd Quarter, 2007. Star Tribune. Vol. XXVI, no. 110. Minneapolis-St. Paul, Minnesota. July 23, 2007. p. D7 – via Newspapers.com.
  24. ↑ "ACADIA Acquires CerSci Therapeutics to Boost Pain Portfolio". news.yahoo.com. 26 August 2020. Retrieved 2020-09-13.
  25. ↑ "New Chief at Maret Pharmaceuticals". Orange County Newsmakers. Los Angeles Times. Vol. CXX, no. 86 (National ed.). February 27, 2001. p. C4 – via Newspapers.com.
  26. ↑ "Cerecor's shares surge 25% after the CEO is replaced". The Baltimore Sun. Vol. 178, no. 357. Baltimore, Maryland: Tribune Publishing Company. December 23, 2015. p. 10 – via Newspapers.com.
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