ACADIA Pharmaceuticals, Inc. (ACAD) Announces Exercise in Full of Option to Purchase Additional Shares and Completion of Public Offering of Common Stock
5/21/2013 11:38:50 AM
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SAN DIEGO--(BUSINESS WIRE)--ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) today announced the completion of an underwritten public offering of 9,200,000 shares of its common stock, including 1,200,000 shares sold pursuant to the full exercise of an option to purchase additional shares previously granted to the underwriters. All of the shares were offered by ACADIA at a price to the public of $12.50 per share. The gross proceeds from this offering to ACADIA were $115 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by ACADIA. ACADIA expects to use net proceeds of this offering to fund ongoing and new clinical trials and development and commercialization efforts for pimavanserin and its other product candidates and for general corporate purposes, which may include research, development and commercialization expenses, capital expenditures, working capital, and general and administrative expenses.
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