ACADIA Pharmaceuticals Secures Committed Equity Financing Facility 

ACADIA Pharmaceuticals Inc has announced that it has entered into a Committed Equity Financing Facility (CEFF) with Kingsbridge Capital Limited in which Kingsbridge has committed to provide up to USD 60 million of capital during the next three years through the purchase of newly-issued shares of ACADIA's common stock.

- The new CEFF with Kingsbridge provides us with added financial flexibility and strength as we move forward with a portfolio of our most advanced product candidates, including pimavanserin, which is currently in Phase III for the treatment of Parkinson's disease psychosis, said Thomas H. Aasen, Vice President and Chief Financial Officer of ACADIA. He continues:

- Our ability to choose if, and when, to access funds under this facility, provides us with flexibility and the potential to minimize dilution for our stockholders.

Under the terms of the CEFF, ACADIA has access, at its discretion, to up to USD 60 million in capital from Kingsbridge through the sale of newly-issued shares of ACADIA's common stock. The funds that can be raised under the CEFF over the three-year term will depend on the then-current price for ACADIA's stock and the number of shares actually sold, which may not exceed an aggregate of approximately 7 million shares. ACADIA is not obligated to utilize any of the $60 million available under the CEFF and there are no minimum commitments or minimum use penalties.

Read the full press release.

Source: Press release, ACADIA Pharmaceuticals, 05.08.2008