ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) reported a massive common stock offering.
The San Diego-based ACADIA, a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system (CNS) disorders, today announced the pricing of an underwritten public offering of 6,250,000 shares of its common stock, offered at a price to the public of $40.00 per share.
The gross proceeds from this offering to ACADIA are expected to be approximately $250 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by ACADIA.
The offering is expected to close by the end of the week, subject to customary closing conditions.
Last week, the company announced that it had achieved a positive finding in its phase 3 study using Nuplazid to treat patients with dementia-related psychosis. Not only was the study successful, but it was stopped early because of how well patients did in the study.
Nuplazid has already received FDA approval for Parkinson's disease psychosis. The addition of potentially receiving FDA approval for this latest indication of dementia-related psychosis is good news for both patients and investors.
ACADIA has developed and commercialized the first and only medicine approved for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis. ACADIA also has ongoing clinical development efforts in additional areas with significant unmet need, including dementia-related psychosis, major depressive disorder, the negative symptoms of schizophrenia, and Rett syndrome.
Shares were on the minus side $2.20, or 5.2%, to $40.40
