Acadia Pharmaceuticals (Nasdaq: ACAD) plans to cut its work force in half after disappointing results from its Phase 3 trial with Parkinson's psychosis treatment pimavanserin.
The company is aiming for additional financial flexibility and reduced internal operating costs with the reduction, Acadia said in a regulatory filing.
The restructuring will be mostly complete by next Monday, leaving behind 28 employees. The company estimates charges of approximately $1.3 million in the fourth quarter in connection with the restructuring.
In afternoon trading, Acadia fell 7 cents, or 3.7 percent, to $1.82.
