Acadia narrows 4Q loss after restructuring in 2008

The company's most advanced drug candidate is pimavanserin, which is being developed to treat psychosis associated with Parkinson's disease. Acadia said it expects to report initial results from late-stage testing of the drug during the third quarter of 2009.

The company also is testing a chronic pain drug candidate in collaboration with Allergan Inc., and expects to report mid-stage results in mid-2009.

For the full year, Acadia's loss grew 14 percent, to $64.2 million, or $1.73 per share, from $56.4 million, or $1.60 per share, in 2007. Revenue fell to $1.6 million in 2008 from $7.6 million.

Acadia shares were unchanged at 81 cents in aftermarket trading.