ACADIA Pharmaceuticals (ACAD) Announces $86M Equity Financing

December 12, 2012 9:08 AM EST Send to a Friend
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ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) announced a private placement equity financing pursuant to which ACADIA will receive gross proceeds of $86.4 million from the sale of its securities. Shares of ACADIA's common stock will be sold at $4.43 per share, the closing market price on December 11, 2012. The private placement is expected to close on December 17, 2012 and is subject to the satisfaction of customary closing conditions.

The anticipated proceeds from the private placement will be used primarily to support completion of ACADIA’s Phase III pimavanserin program, including its planned confirmatory Phase III pivotal trial in Parkinson’s disease psychosis.

Jefferies & Company, Inc. and Cowen and Company, LLC acted as joint lead placement agents; JMP Securities LLC acted as co-placement agent in the transaction.


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