Proceeds from sale to New Enterprise, Venrock for pimavanserin program
By Marisa Wong
Madison, Wis., Jan. 10 - Acadia Pharmaceuticals Inc. said it has entered into a securities purchase agreement for a private placement with a select group of institutional investors, including New Enterprise Associates and Venrock. Acadia will raise $15 million from the sale of about 12.57 million units at $1.19375 each.
The price per unit represents a 3.8% premium to the Jan. 7 closing share price of $1.15. Each unit consists of one common share and a warrant to purchase 0.35 of a share of common stock.
The private placement is expected to close on Jan. 12.
Proceeds from the private placement will provide the company with additional resources to advance its phase 3 pimavanserin program, including the ongoing phase 3 trials in Parkinson's disease psychosis, and is expected to extend the company's cash runway into 2013.
JMP Securities LLC is the lead placement agent and MTS Securities, LLC, an affiliate of MTS Health Partners, is the co-placement agent.
San Diego-based Acadia is a biopharmaceutical company that develops treatments for central nervous system disorders.
| Issuer: | Acadia Pharmaceuticals Inc.
|
| Issue: | Units of one common share, one warrant for 0.35 of a share
|
| Amount: | $15 million
|
| Units: | 12.57 million (approximate)
|
| Price: | $1.19375
|
| Warrants: | For 0.35 of a common share each
|
| Agents: | JMP Securities LLC (lead), MTS Securities, LLC
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| Announcement date: | Jan. 10
|
| Settlement date: | Jan. 12
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| Stock symbol: | Nasdaq: ACAD
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| Stock price: | $1.15 at close Jan. 7
|
| Market capitalization: | $64.06 million
|
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