Acadia Pharmaceuticals Inc. surged in early trading after naming a new chief executive officer and submitting a drug for approval with U.S. regulators.
The drugmaker appointed Steve Davis CEO, according to a statement Thursday. He had served as interim CEO since March. The San Diego-based company also applied on Thursday for approval of Nuplazid, its Parkinson’s disease psychosis treatment. Shares rose 9 percent at 8:37 a.m.
Acadia’s last CEO stepped down in March on the same day the company delayed its Nuplazid application, sending shares down as much as 27 percent. Davis was the company’s chief financial officer before taking over as interim CEO.
"We are building on our momentum as we prepare for the expected launch of Nuplazid in the United States and continue our efforts to explore the full potential of Nuplazid to treat patients suffering from additional CNS disorders,” Davis said in the statement, referring to diseases affecting the central nervous system.