ACADIA sells 19M shares at $4.43 in private placement

ACADIA Pharmaceuticals announced a private placement equity financing pursuant to which ACADIA will receive gross proceeds of $86.4M from the sale of its securities. ACADIA has agreed to sell 19M shares at $4.43 per share, the closing market price on December 11. The private placement is expected to close on December 17. The anticipated proceeds from the private placement will be used primarily to support completion of ACADIA’s Phase III pimavanserin program, including its planned confirmatory Phase III pivotal trial in Parkinson’s disease psychosis. Jefferies and Cowen and acted as joint lead placement agents; JMP Securities acted as co-placement agent in the transaction.

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