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Acadia shares fall on failed Parkinson's study
Acadia Pharmaceuticals shares plunge as Parkinson's disease drug fails late-stage study
On Tuesday September 1, 2009, 11:29 am EDT
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Companies: ACADIA Pharmaceuticals, Inc.
NEW YORK (AP) -- Shares of Acadia Pharmaceuticals Inc. plunged Tuesday after the company said its drug candidate pimavanserin failed to meet key treatment goals in a late-stage study focusing on patients with Parkinson's disease psychosis.
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The San Diego-based company's stock tumbled $3.97, or 68 percent, to $1.87 in midday trading. Shares have traded between 72 cents and $6.60 over the last 52 weeks.
Acadia's partner, Canada-based Biovail, saw its shares fall 16 cents to $12.56.
"While we obviously are disappointed with the results of this Phase III study, we continue to believe in the potential of pimavanserin based on our clinical experience to date," said Acadia CEO Uli Hacksell, in a statement. "We will thoroughly analyze these data along with the data on other secondary and exploratory endpoints over the next month to better understand the outcome of this study."
The drug candidate did not meet the study's standard of anti-psychotic effectiveness. Symptoms associated with Parkinson's disease psychosis include visual hallucinations and delusions. Hacksell said the company is continuing a second late-stage study on the drug candidate.
The company cited statistics saying about 40 percent of the $1.5 million Americans with Parkinson's disease suffer psychosis. There is no therapy in the United States approved to treat Parkinson's disease psychosis.
Citi analyst Dr. Lucy Lu downgraded shares of Acadia to "Sell" from "Hold" and reduced her price target to $1.50 from $4.50, citing the study failure. She said slashed 2011 revenue estimates to $8.4 million from $23.3 million and 2012 estimates to $7.6 million from $46.3 million.
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ACADIA Pharmaceuticals, Inc., a biopharmaceutical company, focuses on the development and commercialization of small molecule drugs for the treatment of central nervous system disorders. It focuses on developing a portfolio of its four advanced product candidates, including Pimavanserin, which is in phase III development for Parkinson’s disease psychosis; and a product candidate in phase II for chronic pain and a product candidate in phase I for glaucoma, each in collaboration with Allergan, Inc., as well as ACP-106 in IND-track development for neuropsychiatry and sleep indications. Pimavanserin is also in a phase II trial as a co-therapy in schizophrenia and in a proof-of-concept clinical study for sleep maintenance insomnia. ACADIA Pharmaceuticals’ development pipeline also consists of ACP-105 for endocrine indications in IND-track development stage; Serotonin program for neuropsychiatry and sleep indications in preclinical stage; pro-cognitive antipsychotic (PCAP) program for schizophrenia in preclinical stage; Muscarinic program for neuropsychiatry and other indications; and two series of compounds for Parkinson’s disease. It has a collaboration agreement with Biovail Laboratories International SRL to co-develop and commercialize pimavanserin in the United States and Canada. The company, formerly known as Receptor Technologies, Inc., was founded in 1993 and is headquartered in San Diego, California.
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