ACADIA Pharmaceuticals to Expand Scandinavian Chemistry Operations
SAN DIEGO, Sept. 2 /PRNewswire-FirstCall/ -- ACADIA Pharmaceuticals Inc. (Nasdaq: ACAD) and Medeon Science Park today announced plans to establish a modern chemistry research and development facility in Malmo, Sweden. The new laboratory, under construction by Medeon Fastigheter AB, is centrally located within the Medicon Valley region, home to greater than 60 per cent of Scandinavian pharmaceutical and biotechnology companies.
ACADIA's biological research and clinical development activities are conducted at the company's headquarters in San Diego, California. Since 1997, ACADIA has maintained its chemistry research operations in the Copenhagen region. ACADIA intends to occupy the new 3000 m2 custom-built chemistry laboratory to support expansion of its proprietary drug discovery activities, while continuing to maintain a Danish presence.
"Over the past seven years, ACADIA has successfully built an outstanding chemistry research subsidiary in Denmark and with the establishment of this new facility, we will be able to continue to grow our Scandinavian operations," said Bo-Ragnar Tolf, Ph.D., vice president, chemistry and managing director of Danish subsidiary ACADIA Pharmaceuticals A/S. "The Malmo site, with its ideal location at the Medeon Science Park, should give us great visibility and access to a growing scientific talent pool in the Medicon Valley region."
"We view ACADIA's choice of Medeon and Malmo as confirmation that the city is attractive for knowledge-intensive companies," remarked Ilmar Reepalu, the municipal financial commissioner in Malmo. "For a couple years now, Malmo has been expending considerable effort to create optimal conditions for innovative entrepreneurship."
About ACADIA Pharmaceuticals
ACADIA is a biopharmaceutical company utilizing innovative science to fuel drug discovery and clinical development of novel treatments for central nervous system disorders. ACADIA currently has five drug programs in clinical and preclinical development directed at large unmet medical needs and major commercial markets, including Parkinson's disease, schizophrenia, chronic pain and glaucoma. Using its proprietary drug discovery platform, ACADIA has discovered all of the drug candidates in its product pipeline.
About Medeon Science Park
Medeon Science Park, with its extensive network and ideal geographical location in the Medicon Valley region, is an optimal platform for established as well as start-up companies based on research or knowledge-intensive innovation in the medical and health care areas. Medeon's newest building, scheduled for completion in mid-2005, will be the largest built since the science park was established almost 20 years ago.
Forward Looking Statements
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 plans for ACADIA's facilities in Scandinavia. 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 construction and drug development and commercialization. For a discussion of these and other factors, please refer to ACADIA's registration statement on Form S-1 as well as other subsequent filings with the Securities and Exchange Commission.
Thomas H. Aasen, Vice President and Chief Financial Officer
Bo-Ragnar Tolf, Ph.D., VP of Chemistry and Managing Director of ACADIA Pharmaceuticals A/S