ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) has announced a change in the company’s directors and other top officials. A cash compensation scheme has been put into action from 2016 financial year for the executive officers of the company in agreement to the Board of Directors.
The company’s 4Q15 results have been quite positive and the main success trigger was the NUPLAZID candidate that got a priority review designation by the U.S. Food & Drug Administration (FDA). According to Steve Davis, President and CEO of ACADIA, 2015 was a significant year and the progress of the Parkinson disease psychosis (PDP) treatment drug has ushered in a good 2016 for the company.
Ongoing Clinical Trails
The Phase clinical trials of the drug for treatment of psychosis caused by Alzheimer’s is underway and if the FDA nod was granted, then 2016 will be an important year for the company. The company is also planning a new Phase 2 research for the Alzheimer ailment treatment in mid 2016.
The net loss reported by the company for 4Q15 was $45.8 million as compared to $28.4 million in 4Q14. In FY15, the combined net loss was $164.4 million as compared to $92.5 million a year ago.
Increased Research Costs in 2015
The company’s research and development costs saw an increase of $20.5 million in 4Q15 which were mostly used for getting an NDA for NUPLAZID. A $22.6 million were spent on general and administrative works as compared to $10.4 million for the same time in 2014. The increased costs were because of personnel hiring that is part of the NUPLAZID launch in 2016.
As part of the activities initiated in 2015, the company unveiled an awareness campaign for Parkinson’s disease psychosis. It worked on enrolling patients for pimavanserin Phase 2 studies for Alzheimer’s disease psychosis.
Also, the company led an extensive life cycle administration audit of pimavanserin to establish the framework for extra improvement in various zones of noteworthy restorative need after the PDP and ADP. The company also selected Alzheimer’s infection disturbance as the sign for pimavanserin development. The company was currently a pioneer in providing treatment for chronic diseases by development of antibodies.