Acadia Pharmaceuticals Inc. announced it plans to raise $182 million in a secondary public offering of its common stock, pricing 6.4 million shares at $28.50 apiece.
The company said it plans to use the net proceeds to fund ongoing and new clinical trials, as well as further develop and commercialize its lead drug candidate, pimavanserin.
Acadia is developing drugs for neurological disorders. Its lead drug, pimavanserin, is in phase 3 trials for treating Parksinson’s disease-related psychosis and phase 2 drug trials for Alzheimer’s disease-related psychosis. It plans to file a New Drug Application, or NDA, with the Food and Drug Administration by the end of 2014, Acadia said in a regulatory filing. The company also has clinical-stage programs for chronic pain and glaucoma in collaboration with Allergan Inc.
The announcement of the stock offering price was made March 5; shares closed that day at $28.55. The company has a market capitalization of $2.6 billion.