Acadia narrows 4Q loss after restructuring in 2008

SAN DIEGO (AP) — Acadia Pharmaceuticals Inc. said Monday it cut its fourth-quarter loss by 18 percent after restructuring its business earlier in 2008.

The development-stage biopharmaceutical company posted a loss of $14 million, or 38 cents per share, compared with a year-ago loss of $17 million, or 46 cents per share.

Revenue from collaborations fell to $325,000 from $1.6 million.

According to a Thomson Reuters poll, analysts expected a loss of 37 cents per share and $1.1 million in revenue, on average.

In August, Acadia said it would reduce its total number of staff positions by more than half, and cut spending on drugs in early stages of development. In the fourth quarter, it reduced its research and development costs to $12.1 million from $17.3 million, and trimmed its general, administrative and selling expenses.

The company set a target of 65 employees, down from 143 at the end of 2007.

Acadia said it reported less collaborative revenue after deals with partners including Sepracor Inc. ended last year.