Acadia 3Q loss narrows on revenue boost

AP News
Posted: Nov 09, 2009 6:26 PM

Acadia Pharmaceuticals Inc. said Monday its third-quarter loss narrowed on lower costs and a boost in revenue from its drug development partners.

The development-stage biopharmaceutical company lost $8.7 million, or 23 cents per share, compared with a loss of $15.6 million, or 42 cents per share, during the same period a year prior. Revenue surged to $2.4 million from $282,000, mainly on the company's collaboration with Biovail.

Analysts expected a loss of 24 cents per share.

The company is working with Biovail on pimavanserin as a potential Parkinson's disease treatment and schizophrenia therapy. They've been partners since May.