SAN DIEGO—(BUSINESS WIRE)—Sept. 5, 2008—ACADIA PharmaceuticalsInc. (Nasdaq:ACAD), a biopharmaceutical company utilizing innovativetechnology to fuel drug discovery and clinical development of noveltreatments for central nervous system disorders, today announced thatit filed a registration statement as required under the terms of itspreviously announced Committed Equity Financing Facility (CEFF) withKingsbridge Capital Limited.
Under the terms of the CEFF, ACADIA has access, at its discretion,to up to $60 million in capital from Kingsbridge over a three-yearperiod through the sale of newly-issued shares of ACADIA's commonstock. The funds that can be raised under the CEFF over the term willdepend on the then-current price for ACADIA's stock and the number ofshares actually sold, which may not exceed an aggregate of 7,072,364shares. ACADIA was required to file the S-3 registration statement tocover the shares issuable pursuant to the CEFF and the up to 350,000shares that may be exercised pursuant to a warrant, which was issuedto Kingsbridge upon the signing of the CEFF. The effectiveness of theS-3 registration statement is a condition to Kingsbridge's obligationto purchase shares under the CEFF.
ACADIA currently has no specific plans for the CEFF and is notobligated to utilize any of the $60 million available under the CEFF.
The securities issuable pursuant to the CEFF and upon exercise ofthe warrant may not be offered or sold in the United States absentregistration under the Securities Act of 1933 and applicable statesecurities laws or available exemptions from registrationrequirements. This press release shall not constitute an offer to sellor the solicitation of an offer to buy these securities, nor shallthere be any sale of these securities in any state which such offer,solicitation or sale would be unlawful prior to the registration orqualification under the securities laws of any such state. Theregistration statement referred to above has been filed with theSecurities and Exchange Commission but has not yet become effective.The securities being registered may not be offered or sold under theregistration statement prior to the time that the registrationstatement becomes effective. Any offering of ACADIA's common stockunder the registration statement will be made only by means of aprospectus.
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 is focused ondeveloping a portfolio of its four most advanced product candidates,including pimavanserin in Phase III for Parkinson's disease psychosis,a compound in Phase II for chronic pain and a compound in Phase I forglaucoma, both in collaboration with Allergan, and ACP-106 inIND-track development. All of the product candidates in ACADIA'spipeline emanate from discoveries made using its proprietary drugdiscovery platform and are directed at indications with large unmetmedical needs. ACADIA's corporate headquarters is located in SanDiego, California and it maintains research and development operationsin 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 funds to be availableunder the CEFF or shares to be issued under the CEFF. These statementsare only predictions based on current information and expectations andinvolve a number of risks and uncertainties. Actual events or resultsmay differ materially from those projected in any of such statementsdue to various factors, including the risks and uncertainties inherentin drug discovery, development and commercialization, and in thefinancial markets and in the price of ACADIA's common stock. For adiscussion of these and other factors, please refer to ACADIA's annualreport on Form 10-K for the year ended December 31, 2007 as well asother subsequent filings with the Securities and Exchange Commission.You are 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.
CONTACT: ACADIA Pharmaceuticals Inc.
Lisa Barthelemy, Director, Investor Relations
Thomas H. Aasen, Vice President andChief Financial Officer
858-558-2871
SOURCE: ACADIA Pharmaceuticals Inc.