SAN DIEGO, Dec 04, 2006 (BUSINESS WIRE) —ACADIA Pharmaceuticals Inc. (Nasdaq:ACAD), a biopharmaceuticalcompany utilizing innovative technology to fuel drug discovery andclinical development of novel treatments for central nervous systemdisorders, today announced that it has expanded and furtherstrengthened the intellectual property portfolio for its serotoninplatform by entering into an agreement to license certain intellectualproperty rights from Ipsen (Euronext:IPN), an innovation driveninternational specialty pharmaceutical group.
ACADIA has developed a broad serotonin platform comprising a rangeof chemistries and biological assets. These assets include ACP-103 andfollow-on and back-up compounds, which have potential therapeuticapplications in a number of CNS indications, including schizophrenia,Parkinson's disease psychosis, and sleep maintenance insomnia.ACADIA's intellectual property estate in the serotonin area currentlyincludes 11 issued patents and 81 pending patent applications. TheIpsen agreement provides ACADIA with a non-exclusive license toadditional intellectual property rights that complement this serotoninpatent portfolio. Under the terms of the agreement, ACADIA will makean initial payment of $250,000 to Ipsen, and, if certain conditionsare met, ACADIA would make additional payments, including milestones,royalties and sublicensing fees for compounds covered by theagreement.
About ACADIA Pharmaceuticals
ACADIA is a biopharmaceutical company utilizing innovativetechnology to fuel drug discovery and clinical development of noveltreatments for central nervous system disorders. ACADIA currently hasfive Phase II-stage clinical programs as well as a portfolio ofpreclinical and discovery assets directed at diseases with large unmetmedical needs, including schizophrenia, Parkinson's disease psychosis,sleep maintenance insomnia, and neuropathic pain. All of the drugcandidates in ACADIA's product pipeline emanate from discoveries madeusing its proprietary drug discovery platform. ACADIA's corporateheadquarters is located in San Diego, California and it maintainsresearch and development operations in both San Diego and Malmo,Sweden.
Forward-Looking Statements
Statements in this press release that are not strictly historicalin nature are forward-looking statements. These statements include butare not limited to statements related to the potential benefits to bederived from ACADIA's programs and compounds, benefits to be derivedfrom the license agreement, and future payments that may be madepursuant to the license agreement. These statements are onlypredictions based on current information and expectations and involvea number of risks and uncertainties. Actual events or results maydiffer materially from those projected in any of such statements dueto various factors, including the risks and uncertainties inherent indrug discovery, development and commercialization. For a discussion ofthese and other factors, please refer to ACADIA's annual report onForm 10-K for the year ended December 31, 2005 as well as othersubsequent filings with the Securities and Exchange Commission. Youare cautioned not to place undue reliance on these forward-lookingstatements, which speak only as of the date hereof. This caution ismade under the safe harbor provisions of the Private SecuritiesLitigation Reform Act of 1995. All forward-looking statements arequalified in their entirety by this cautionary statement and ACADIAundertakes no obligation to revise or update this press release toreflect events or circumstances after the date hereof.
SOURCE: ACADIA Pharmaceuticals Inc.
ACADIA Pharmaceuticals Inc.
Lisa Barthelemy, Director, Investor Relations
Thomas H. Aasen, Vice President and Chief FinancialOfficer
(858) 558-2871