ACADIA Pharmaceuticals Earns Milestone on Advancement of Neuropathic Pain Clinical Program
SAN DIEGO, Oct 03, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- ACADIA Pharmaceuticals Inc. (Nasdaq: ACAD), a biopharmaceutical company utilizing innovative technology to fuel drug discovery and clinical development of novel treatments for central nervous system disorders, today announced that it has received a milestone payment from Allergan, Inc. (NYSE: AGN) resulting from the advancement of the companies' clinical program directed at novel treatments for neuropathic pain.
Under a collaboration between ACADIA and Allergan, the companies have discovered and are developing a new class of small molecule drug candidates that may be effective in treating a range of neuropathic pain conditions. Multiple compounds from this program are being evaluated in ongoing clinical trials and address a novel approach to treatment of neuropathic pain. The milestone payment to ACADIA was triggered by the start of an initial single-dose exploratory Phase II study in this program. Allergan is responsible for clinical development and has worldwide rights to commercialize products resulting from the collaboration. ACADIA is entitled to receive milestones and royalties on products successfully developed and commercialized.
"We are delighted with the successful advancement of our neuropathic pain program," said Uli Hacksell, Ph.D., ACADIA's Chief Executive Officer. "ACADIA and Allergan have a longstanding and highly productive alliance and we are proud to see this relationship lead to new therapeutic approaches that may effectively address this major unmet medical need."
About Neuropathic Pain
Neuropathic pain is a common and increasingly prevalent form of pain that is thought to involve an alteration in nervous system function or a reorganization of nervous system structure. It can be associated with nerve damage caused by trauma, diseases such as diabetes, shingles, irritable bowel syndrome, late-stage cancer or the toxic effects of chemotherapy. The experience can range from mildly increased sensitivity to touch or temperature to excruciating pain, and medications currently used to treat other forms of pain -- such as opioid painkillers and nonsteroidal anti-inflammatory agents -- are usually ineffective in treating neuropathic pain and can have significant adverse effects. Currently, the leading treatment for neuropathic pain is Neurontin, which had worldwide sales of approximately $2.7 billion in 2004.
About ACADIA Pharmaceuticals
ACADIA is a biopharmaceutical company utilizing innovative technology to fuel drug discovery and clinical development of novel treatments for central nervous system disorders. ACADIA currently has four drug programs in clinical development as well as a portfolio of preclinical and discovery assets directed at large unmet medical needs, including schizophrenia, Parkinson's disease, neuropathic pain and glaucoma. Using its proprietary drug discovery platform, ACADIA has discovered all of the drug candidates in its product pipeline. ACADIA's corporate headquarters is located in San Diego, California and it maintains research and development operations in both San Diego and Malmo, Sweden.
Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements include but are not limited to statements related to the progress, benefits, or success of drug candidates developed for neuropathic pain or future payments that may be received related thereto. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties. Actual events or results may differ materially from those projected in any of such statements due to various factors, including the risks and uncertainties inherent in drug discovery, development, and commercialization. For a discussion of these and other factors, please refer to ACADIA's annual report on Form 10-K for the year ended December 31, 2004 filed with the Securities and Exchange Commission as well as other subsequent filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are qualified in their entirety by this cautionary statement and ACADIA undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
ACADIA Pharmaceuticals Inc.
Lisa Barthelemy, Director, Investor Relations
Thomas H. Aasen, Vice President and Chief Financial Officer
SOURCE ACADIA Pharmaceuticals Inc.