ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) today announced the pricing
of an underwritten public offering of 8,000,000 shares of its common
stock, offered at a price to the public of $12.50 per share. The gross
proceeds from this offering to ACADIA are expected to be $100 million,
before deducting underwriting discounts and commissions and other
estimated offering expenses payable by ACADIA. ACADIA has granted the
underwriters a 30-day option to purchase up to an aggregate of 1,200,000
shares of common stock to cover over-allotments, if any. The offering is
expected to close on or about May 20, 2013, subject to customary closing
conditions. ACADIA expects to use net proceeds of this offering to fund
ongoing and new clinical trials and development and commercialization
efforts for pimavanserin and its other product candidates and for
general corporate purposes, which may include research, development and
commercialization expenses, capital expenditures, working capital, and
general and administrative expenses.
Jefferies LLC and Cowen and Company, LLC are acting as the joint
book-running managers for the offering. JMP Securities LLC, Needham &
Company, LLC, Ladenburg Thalmann & Co. Inc., Roth Capital Partners, LLC,
and SunTrust Robinson Humphrey, Inc. are acting as co-managers for the
offering.
The shares of common stock described above are being offered by ACADIA
pursuant to a shelf registration statement previously filed by ACADIA
with the Securities and Exchange Commission (SEC) and declared effective
by the SEC on January 6, 2012. A preliminary prospectus supplement
related to the offering was filed with the SEC and is available on the
SEC's website located at http://www.sec.gov.
Copies of the final prospectus supplement and the accompanying
prospectus relating to this offering, when available, may be obtained
from Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520
Madison Avenue, 12th floor, New York, NY 10022 or by telephone at
877-547-6340 or by email at Prospectus_Department@Jefferies.com,
or from Cowen and Company, LLC (c/o Broadridge Financial Services, 1155
Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department,
Phone: 631-274-2806, Fax: 631-254-7140).
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be any
sale of these securities in any state or other jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or other jurisdiction.
About ACADIA Pharmaceuticals
ACADIA is a biopharmaceutical company focused on innovative treatments
that address unmet medical needs in neurological and related central
nervous system disorders. ACADIA has a pipeline of product candidates
led by pimavanserin, which is in Phase III development as a treatment
for Parkinson's disease psychosis. ACADIA also has clinical-stage
programs for chronic pain and glaucoma in collaboration with Allergan,
Inc. and two advanced preclinical programs directed at Parkinson’s
disease and other neurological disorders. All product candidates are
small molecules that emanate from discoveries made at ACADIA.
Forward-Looking Statements
Statements in this press release that are not strictly historical in
nature are forward-looking statements. These statements include but are
not limited to statements related to expectations regarding the
completion, timing and size of the offering of common stock by ACADIA,
the expected gross and net proceeds from the offering and ACADIA’s
expected use of the net proceeds from the offering. These statements are
only predictions based on current information and expectations and
involve a number of risks and uncertainties. Actual events or results
may differ materially from those projected in any of such statements due
to various factors, including market risks and uncertainties and the
satisfaction of customary closing conditions for an offering of
securities. For a discussion of these and other factors, please refer to
ACADIA’s annual report on Form 10-K for the year ended December 31, 2012
as well as ACADIA’s subsequent filings with the Securities and Exchange
Commission. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. This
caution is made under the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. All forward-looking statements
are qualified in their entirety by this cautionary statement and ACADIA
undertakes no obligation to revise or update this press release to
reflect events or circumstances after the date hereof, except as
required by law.
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