Acadia Pharmaceuticals Inc. announced a private placement equity financing and will receive gross proceeds of $86.4 million from the sale of its securities.
The biopharmaceutical company (Nasdaq: ACAD) is focused on treatments for neurological and related central nervous system disorders.
Shares of Acadia’s common stock will be sold at $4.43 per share, the closing market price on Dec. 11.
The private placement is expected to close on Dec. 17 and is subject to the satisfaction of customary closing conditions.
The anticipated proceeds from the private placement will be used primarily to support completion of Acadia’s phase 3 pimavanserin program, including its planned confirmatory phase 3 pivotal trial in Parkinson’s disease psychosis.
Jefferies & Company Inc. and Cowen and Company LLC acted as joint lead placement agents, and JMP Securities LLC acted as co-placement agent in the transaction.
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