The biotech sector is the only one that is unaffected with what goes on with the S&P. Any positive drug development news or FDA approva can pump the stock price higher.
ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) reported that it will present at the upcoming 37th yearly J.P. Morgan Healthcare Event in San Francisco on January 9, 2019 followed by a Q&A breakout session. A live webcast of the same will be accessible on the firm’s website under the investors section. An archived recording can be seen on the website starting February 6, 2019.
Recently ACADIA issued its financial report for the third quarter closed September 30, 2018. Steve Davis, the CEO and President, expressed that they recorded substantial development this quarter. On the back of introducing their new capsule for NUPLAZID, the U.S. FDA gave a public statement reiterating NUPLAZID’s progressive benefit-risk profile for curing Parkinson’s disease psychosis. These initiatives, combined with their commercial measures, will position the company to move towards NUPLAZID’s growth potential.
Moreover, the company is delighted
to report promising positive data from its Phase II CLARITY study assessing pimavanserin
as an adjunctive treatment for people with major depressive disorder. This
report validates their perspective that pimavanserin could mark as an extremely
vital new drug for those who remain to suffer from MDD in spite of available
treatment alternatives. Davis added that they intend to discuss the trial outcome
with the FDA and commence a Phase 3 plan in 1H2019.
Net sales of NUPLAZID came at $58.3 million for the quarter closed September 30, 2018, which is a jump of 64% versus $35.6 million posted for the quarter closed September 30, 2017. For the initial three quarters closed September 30, 2018, the company posted net product sales of $164.2 million as compared to $81.3 million in 2017.
ACADIA reported that R&D expenses for the quarter closed September 30, 2018 came at $53.1 million versus $36.4 million for the comparable period of 2017. For the initial three quarters closed September 30, 2018, R&D expenses came at $139.0 million versus $106.0 million, in the same period, a year ago. The jump in R&D expenses can be attributed to additional clinical trial costs incurred by the firm.
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