ACADIA Pharmaceuticals Announces $86 Million Equity Financing

  ACADIA Pharmaceuticals Announces $86 Million Equity Financing

     --Proceeds to Support Completion of Pimavanserin Phase III Program--

Business Wire

SAN DIEGO -- December 12, 2012

ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) a biopharmaceutical company focused
on innovative treatments that address unmet medical needs in neurological and
related central nervous system disorders, today announced a private placement
equity financing pursuant to which ACADIA will receive gross proceeds of $86.4
million from the sale of its securities. Shares of ACADIA’s common stock will
be sold at $4.43 per share, the closing market price on December 11, 2012. The
private placement is expected to close on December 17, 2012 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 III pimavanserin program, including its
planned confirmatory Phase III pivotal trial in Parkinson’s disease psychosis.

Jefferies & Company, Inc. and Cowen and Company, LLC acted as joint lead
placement agents; JMP Securities LLC acted as co-placement agent in the
transaction.

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy these securities, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the securities
laws of any such jurisdiction.

The securities being sold in the private placement have not been registered
under the Securities Act of 1933, as amended, or state securities laws and may
not be offered or sold in the United States absent registration with the
Securities and Exchange Commission (“SEC”) or an applicable exemption from
such registration requirements. ACADIA has agreed to file a registration
statement with the SEC covering the resale of the shares of common stock
issuable in connection with the private placement.

About ACADIA Pharmaceuticals

ACADIA is a biopharmaceutical company focused on innovative treatments that
address unmet medical needs in neurological and related central nervous system
disorders. ACADIA has a pipeline of product candidates led by pimavanserin,
which is in Phase III development as a potential first-in-class treatment for
Parkinson's disease psychosis. ACADIA also has clinical-stage programs for
chronic pain and glaucoma in collaboration with Allergan, Inc. and two
advanced preclinical programs directed at Parkinson’s disease and other
neurological disorders. All product candidates are small molecules that
emanate from discoveries made at ACADIA. ACADIA maintains a website at
www.acadia-pharm.com to which ACADIA regularly posts copies of its press
releases as well as additional information and through which interested
parties can subscribe to receive email alerts.

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 progress and timing of ACADIA’s drug discovery
and development programs, either alone or with a partner, including the
progress of clinical trials, and the clinical benefits to be derived from
ACADIA’s product candidates, in each case including pimavanserin. In
particular, forward-looking statements include statements regarding the
expected proceeds from and timing of the closing of the private placement, the
use of proceeds from the private placement, including whether the proceeds
will be sufficient to fund the completion of the Phase III program for
pimavanserin, including the planned confirmatory Phase III pivotal trial, and
the anticipated filing of a registration statement to cover resales of common
stock issuable in connection with the private placement. 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, regulatory review and commercialization, including in
collaborations with others, the fact that past results of clinical trials may
not be indicative of future trial results, and ACADIA’s ability to satisfy the
conditions to closing the private placement. For a discussion of these and
other factors, please refer to ACADIA’s annual report on Form 10-K for the
year ended December31, 2011 as well as ACADIA’s 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, except as required by law.

Contact:

ACADIA Pharmaceuticals Inc.
Thomas H. Aasen, Executive Vice President,
Chief Financial Officer and Chief Business Officer
858-558-2871
 
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