SAN DIEGO, Oct 03, 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 that it has received a milestonepayment from Allergan, Inc. (NYSE: AGN) resulting from the advancement of thecompanies' clinical program directed at novel treatments for neuropathic pain.
Under a collaboration between ACADIA and Allergan, the companies havediscovered and are developing a new class of small molecule drug candidatesthat may be effective in treating a range of neuropathic pain conditions.Multiple compounds from this program are being evaluated in ongoing clinicaltrials and address a novel approach to treatment of neuropathic pain. Themilestone payment to ACADIA was triggered by the start of an initialsingle-dose exploratory Phase II study in this program. Allergan isresponsible for clinical development and has worldwide rights to commercializeproducts resulting from the collaboration. ACADIA is entitled to receivemilestones and royalties on products successfully developed andcommercialized.
"We are delighted with the successful advancement of our neuropathic painprogram," said Uli Hacksell, Ph.D., ACADIA's Chief Executive Officer. "ACADIAand Allergan have a longstanding and highly productive alliance and we areproud to see this relationship lead to new therapeutic approaches that mayeffectively address this major unmet medical need."
About Neuropathic Pain
Neuropathic pain is a common and increasingly prevalent form of pain thatis thought to involve an alteration in nervous system function or areorganization of nervous system structure. It can be associated with nervedamage caused by trauma, diseases such as diabetes, shingles, irritable bowelsyndrome, late-stage cancer or the toxic effects of chemotherapy. Theexperience can range from mildly increased sensitivity to touch or temperatureto excruciating pain, and medications currently used to treat other forms ofpain —such as opioid painkillers and nonsteroidal anti-inflammatory agents—are usually ineffective in treating neuropathic pain and can havesignificant adverse effects. Currently, the leading treatment for neuropathicpain is Neurontin, which had worldwide sales of approximately $2.7 billion in2004.
About ACADIA Pharmaceuticals
ACADIA is a biopharmaceutical company utilizing innovative technology tofuel drug discovery and clinical development of novel treatments for centralnervous system 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 andMalmo, Sweden.
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, benefits, or success of drugcandidates developed for neuropathic pain or future payments that may bereceived related thereto. These statements are only predictions based oncurrent information and expectations and involve a number of risks anduncertainties. Actual events or results may differ materially from thoseprojected in any of such statements due to various factors, including therisks and uncertainties inherent in drug discovery, development, andcommercialization. For a discussion of these and other factors, please referto ACADIA's annual report on Form 10-K for the year ended December 31, 2004filed with the Securities and Exchange Commission as well as other subsequentfilings with the Securities and Exchange Commission. You are cautioned not toplace undue reliance on these forward-looking statements, which speak only asof the date hereof. This caution is made under the safe harbor provisions ofthe Private Securities Litigation Reform Act of 1995. All forward-lookingstatements are qualified in their entirety by this cautionary statement andACADIA undertakes no obligation to revise or update this press release toreflect events or circumstances 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
SOURCE ACADIA Pharmaceuticals Inc.
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