Acadia Pharmaceuticals Inc

Company Name: Acadia Pharmaceuticals Inc.
Stock Market: NASDAQ (ACAD)
Industry Sector: Pharmaceutical
Total Assets: $ 134,584

Key People: Uli Hacksell (Chief Executive Officer and Director, Principal Executive Officer), Thomas H. Aasen (Chief Financial Officer, Principal Financial Officer and Principal Accounting Officer), Leslie Iversen (Chairman of the Board)

Headquarters Address: 3911 Sorrento Valley Boulevard, San Diego, California
Number of Employees: 143 (as of December 31, 2007)
Website Address: www.acadia-pharm.com

Company Overview

Acadia Pharmaceuticals Inc. was originally established and incorporated in Vermont in 2003 as Receptor Technologies, Inc. The company was reincorporated in Delaware in 1997. Their registered trademarks are “ ACADIA” and “R-SAT.”

Acadia Pharmaceuticals Inc. is a biopharmaceutical corporation focused on the study, development and sales of small molecule drugs for the treatment of different central nervous system illnesses. At present, the company has six clinical programs and numerous additional programs for the discovery and development of new products. In its most recent and advanced program, the company conducted Phase III studies to find an effective medicine for Parkinson’s disease psychosis. Acadia Pharmaceuticals Inc. has reported that their Phase II trial program with Pimavanserin as a co-therapy in schizophrenia had a positive result. Moreover, the company has completed a proof-of-concept medical study with Pimavanserin for the treatment of sleep maintenance insomnia in healthy older adults. This company also has a neuropathic pain program in Phase II development and Phase I studies in a glaucoma program. This is in cooperation with Allergan, Inc. All of the products that the company is discovering and studying are made utilizing their proprietary drug discovery platform. Their product pipeline addresses illnesses that cannot be cured by present available medications and represent great potential commercial opportunities.

Acadia Pharmaceuticals Inc. has created a drug discovery program or platform to find new drugs that can potentially treat major medical needs not addressed by current medical drugs and therapies. The company formed a management group with highly qualified backgrounds and experience to conduct the study, development and commercialization of their drug candidates.

Current Financial Overview

In 2007, the total revenue of Acadia Pharmaceuticals, Inc. was $7.6 million, compared to $8.1 million in year 2006. The decline in revenue was mainly attributed to lower research funding from the collaborations with Allergan and Sepracor. Another cause of the reduction in revenue was the termination of the company’s agreement with the Stanley Medical Research Institute (SMRI), partly offset by improved revenues from license contracts with other companies and small-scale research. The company’s revenue from the collaboration with Allergan was $1.6 million in 2007 compared to $2.2 million in year 2006. Their revenue from the collaboration with Sepracor was $3.4 million in 2007 compared to $3.8 million in 2006. Revenues from the contract or agreement with SMRI that ended in May 2007, was $1.0 million in 2007, compared to $2.0 million in 2006.

The research, study and development expenses of the company increased to $57.9 in 2007, compared to $49.4 million in 2006. The increase of the expenses in the research and development was mainly due to the increased fees compensated to outside service providers, increased salaries and related personnel cost, and increased compensation based on stock, which were partly offset by a net reduction in other expenses.