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ACADIA Pharmaceuticals' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Currently, there is no FDA-approved therapy for PDP. We believe that pimavanserin has the potential to be the first safe and effective drug that will treat PDP without compromising motor control, thereby significantly improving the quality of life for patients with Parkinson’s disease. PDP is a large unmet medical need and represents what we believe is an ideal lead indication for pimavanserin.

We are focused on advancing our Phase III program toward registration for this indication. Meanwhile, we also believe pimavanserin has a broad potential to address a range of other neurological and psychiatric disorders that are poorly served by existing antipsychotic drugs. While pimavanserin provides the foundation of our product pipeline, we have several additional programs in our R&D portfolio. Our pipeline also includes two clinical stage programs in the areas of chronic pain and Glaucoma in collaboration with Allergan, and two preclinical stage programs directed at Parkinson’s disease and other neurological disorders.

All of our programs have been generated from internal discoveries at ACADIA, and offer what we believe are innovative approaches that address large potential commercial market opportunities. Overall, our pipeline of product candidates, led by our Phase III PDP program with pimavanserin, positions ACADIA with multiple product and commercial opportunities and significant growth potential.

Before we review our programs in a bit more detail, let me ask Tom to briefly comment on our second-quarter results.

Thomas Aasen

Thank you, Uli. Our financial results reflect a focus on our Phase III pimavanserin program, and once again demonstrate our financial discipline and expense control. Revenues totaled $599,000 for the second quarter, up from $460,000 for the comparable quarter of 2011, and were generated primarily from our collaborations with Allergan and our R&D grants. We expect to continue to realize revenues from these sources throughout the year.

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