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Acadia Pharmaceuticals Inc. (psychiatric drug development) netted $271.7mm through the public offering of 7.2mm shares (including the overallotment) at $40. The company will use some of the proceeds to fund the potential commercialization of lead candidate Nuplazid (pimavanserin) for dementia-related psychosis, for which it has a 60% likelihood of approval (8% above average), according to Biomedtracker; an NDA submission is expected next year. The small-molecule serotonin 5-hydroxytryptamine 2A (5-HT2A) receptor antagonist pimavanserin was initially launched in the US in April 2016 for hallucinations and delusions associated with Parkinson’s disease psychosis. In addition to dementia-related psychosis, Nuplazid is also in Phase III for major depressive disorder (a 52% LOA, 1% above average) and in Phase II for schizophrenia (a Phase III trial in July 2019 failed to reach the primary endpoint).
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