Acadia third-quarter net loss improves to $11.3 million, revenues fall

By Lisa Kerner

Charlotte, N.C., Nov. 6 - Acadia Pharmaceuticals Inc. reported a net loss of $11.3 million for the third quarter of 2006, a slight decrease from the net loss of $12.3 million reported for the third quarter of 2005.

Revenues totaled $1.9 million for the period, down from $3.7 million for the prior-year quarter.

The company reported increased research and development expenses of $16.1 million for the third-quarter 2006 versus $8.4 million for the third-quarter 2005.

For the nine months ended Sept.30, Acadia's net loss widened to $32.6 million from a net loss of $23.9 million for the comparable period of 2005.

At Sept. 30, Acadia had cash, cash equivalents and investment securities totaling $94.7 million, up from $55.5 million at Dec. 31, 2005.

"During the third quarter, we accelerated patient enrollment in our large phase 2 adjunctive therapy trial with ACP-103 in patients with schizophrenia," chief executive officer Uli Hacksell said in a company news release.

"I am pleased to announce that we completed patient enrollment early in the fourth quarter and we remain on track to provide top-line results from this study in the first quarter of 2007."

Acadia is a San Diego-based biopharmaceutical company.

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