ACADIA Pharmaceuticals Inc. (ACAD)

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ACADIA Pharmaceuticals, Inc. (ACAD)

Q3 2012 Earnings Call

November 5, 2012 05:00 pm ET


Uli Hacksell – Chief Executive Officer

Tom Aasen – Executive Vice President, Chief Financial Officer & Chief Business Officer

Roger Mills – Executive Vice President, Development


Bert Hazlett – ROTH Capital Partners

Brian Lian – SunTrust Robinson Humphrey

Jason Butler – JMP Securities

Juan Sanchez – Ladenburg Thalmann

George Zavoico – MLV & Co.

Alan Carr – Needham & Company



Good day ladies and gentlemen, and welcome to ACADIA Pharmaceuticals’ Q3 2012 Financial Results Conference Call. My name is Keith and I’ll be your operator for today. (Operator instructions.) And I would now like to turn the presentation over to Tom Aasen, Executive Vice President and Chief Financial Officer at ACADIA. Please proceed.

Tom Aasen

Thank you. Good afternoon and welcome to ACADIA’s Q3 2012 conference call. This call is being recorded and an archived copy will be available on our website at through November 19th.

Joining me on the call today from ACADIA are Dr. Uli Hacksell, our Chief Executive Officer, and Dr. Roger Mills, our Executive Vice President of Development. We will begin the call today with some introductory remarks by Uli and I will briefly comment on our Q3 financial results. After this, Roger and Uli will provide you with an update on our development programs and we will then open the floor to your questions.

Before we proceed I would first like to remind you that during our call today we will be making a number of forward-looking statements including statements regarding our and our partners’ research and development programs and plans, including the timing, design and results of clinical trials; the benefits to be derived from and the commercial potential for our product candidates in each case including Pimavanserin; benefits to be derived from changes to clinical trial designs; plans regarding the development of and future commercialization of Pimavanserin; the value of Pimavanserin; and our future expenses, collaboration and grant payments, cash position, stock performance and growth potential.

These forward-looking statements are based on current information, assumptions and expectations that are inherently subject to change and involve a number of risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. These factors and other risks associated with our business can be found in our filings with the SEC, including our Annual Report on Form 10(k) for the year ended December 31, 2011, and on other filings. You are cautioned not to place undue reliance on these forward-looking statements which are made only as of today’s date. ACADIA disclaims any obligation to update these forward-looking statements.

I’ll now turn the call over to Uli, our Chief Executive Officer.

Uli Hacksell

Thank you, Tom, and good afternoon. Let me first take this opportunity to thank all of you for joining us on today’s conference call. As many of you know, this is an exciting time at ACADIA as we await top line results from the pivotal -020 study in our Phase III program for Pimavanserin for Parkinson’s disease psychosis or PDP.

During Q3 we completed patient enrollment in the [Phase III] study and I am pleased to report today that we remain on track to report top line results this month. We believe that a successful study should significantly increase the value of Pimavanserin. Currently there is no FDA-approved therapy for PDP.

We believe that Pimavanserin has the potential to be the first safe and effective drug that will treat PDP without compromising motor control, thereby significantly improving the quality of life for patients with Parkinson’s disease. PDP is a large unmet medical need and we are focused on advancing our Phase III program [with forward] registration for this indication.

As Roger will share with you later, while we are finalizing the -020 study we’re also busy with preparations for the second planned pivotal trial in our PDP program, which we call the -021 study. Beyond PDP we believe that Pimavanserin has broad potential to address a range of other neurological and psychiatric disorders that are poorly served by existing antipsychotics. Importantly we hold worldwide commercialization rights to Pimavanserin.

While Pimavanserin provides the foundation to our product pipeline we have several additional programs in our R&D portfolio. Our pipeline also includes two clinical stage programs in the areas of chronic pain and glaucoma in collaboration with Allergan; and two programs in the advanced preclinical stages directed at Parkinson’s disease and other neurological disorders.

All of our programs have been generated from internal discoveries and offer what we believe are innovative approaches that may address large potential commercial market opportunities. Overall, our pipeline of product candidates led by our Phase III PDP program with Pimavanserin positions ACADIA with multiple products and commercial opportunities, and with significant growth potential.

Before we review our programs in a bit more detail let me ask Tom to briefly comment on our Q3 results.

Tom Aasen

Thank you, Uli. As expected, we reported a smaller net loss for Q3 following the termination of our collaboration with Meiji Seika Pharma and the resulting recognition of all remaining revenue from that agreement.

Our revenues totaled $3.5 million for Q3 of which $3.0 million related to the Meiji collaboration with the remainder generated from our ongoing collaborations with Allergan as well as other agreements. This compared to total revenues of $584,000 for Q3 2011.

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