SAN DIEGO, Sept 13, 2005 /PRNewswire-FirstCall via COMTEX News Network/ —ACADIA Pharmaceuticals Inc.(Nasdaq: ACAD), a biopharmaceutical company utilizing innovative technology tofuel drug discovery and clinical development of novel treatments for centralnervous system disorders, today announced the election of Michael T. Borer toits board of directors. The board of directors also appointed Mr. Borer toits audit committee. Mr. Borer will serve as a Class I director. The termsof the Class I directors expire at the annual meeting of stockholders in 2008.
"Mike Borer will be an important addition to our board," said UliHacksell, Ph.D., Chief Executive Officer of ACADIA. "We will benefit fromMike's specialty pharmaceutical experience in the CNS area and his strongfinancial expertise, as we advance our product candidates into late-stageclinical development and plan for future commercial operations."
Mr. Borer succeeds Martien van Osch, who resigned from ACADIA's board ofdirectors. Dr. Hacksell said, "The entire board joins me in thanking Martienfor his work and valuable contributions to ACADIA during an important phase ofour development."
Mr. Borer served as Chief Executive Officer and President of XcelPharmaceuticals, Inc., a specialty pharmaceutical company focused onprescription products that treat disorders of the central nervous system,until the sale of the company to Valeant Pharmaceuticals International inearly 2005. Prior to founding Xcel in early 2001, Mr. Borer served as SeniorVice President and Chief Financial Officer of Dura Pharmaceuticals, Inc. andheld other management positions there from 1994 through 2000. Prior to Dura,Mr. Borer spent 12 years in public accounting with Deloitte & Touche in itsaudit services group. He holds a bachelor's degree in accounting from SanDiego State University.
About ACADIA Pharmaceuticals
ACADIA Pharmaceuticals is a biopharmaceutical company utilizing innovativetechnology to fuel drug discovery and clinical development of novel treatmentsfor CNS disorders. ACADIA currently has four drug programs in clinicaldevelopment as well as a portfolio of preclinical and discovery assetsdirected at large unmet medical needs, including schizophrenia, Parkinson'sdisease, neuropathic pain, and glaucoma. Using its proprietary drug discoveryplatform, ACADIA has discovered all of the drug candidates in its productpipeline. ACADIA's corporate headquarters is located in San Diego, Californiaand it maintains research and development operations in both San Diego andScandinavia.
Forward-Looking Statements
Statements in this press release that are not strictly historical innature are forward-looking statements. These statements include but are notlimited to statements related to the progress and timing of ACADIA's drugdiscovery and development programs or future commercial operations. Thesestatements are only predictions based on current information and expectationsand involve a number of risks and uncertainties. Actual events or results maydiffer materially from those projected in any of such statements due tovarious factors, including the risks and uncertainties inherent in drugdiscovery, development and commercialization. For a discussion of these andother factors, please refer to ACADIA's annual report on Form 10-K for theyear ended December 31, 2004 filed with the United States Securities andExchange Commission as well as other subsequent filings with the Securitiesand Exchange Commission. You are cautioned not to place undue reliance onthese forward-looking statements, which speak only as of the date hereof.This caution is made under the safe harbor provisions of the PrivateSecurities Litigation Reform Act of 1995. All forward-looking statements arequalified in their entirety by this cautionary statement and ACADIA undertakesno obligation to revise or update this press release to reflect events orcircumstances after the date hereof.
Contacts:
ACADIA Pharmaceuticals Inc.
Lisa Barthelemy, Director, Investor Relations
Thomas H. Aasen, Vice President and Chief Financial Officer
(858) 558-2871