ACADIA Busts Schizophrenia Trials (ACAD)
ACADIA Pharmaceuticals (NASDAQ: ACAD) is going to be in for a rough day. The company announced that the results from its ACP-104 phase IIb schizophrenia trial did not meet its primary endpoint. Not only did the study fail to meet its primary endpoint of anti-psychotic efficacy, it looks like it failed to meet any of the secondary endpoints in the study. The company noted that neither dose of ACP-104 demonstrated improved efficacy as compared to placebo. That’s always a problem.
The most common adverse events in the treatment arms relative to placebo were increased salivation, tachycardia, and dyspepsia, which were noted to be dose-related. There was no clinically significant decrease in neutrophil counts in the study drug arms.
Shares are currently halted after closing at $8.49 on Friday, while its 52-week trading range is $7.63 to $17.33. Its $314 million market cap is likely to come down significantly as it has about $106 million in liquidity (before $14.65 million in liabilities) as of March 31.
Jon C. Ogg
June 16, 2008