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NEA and Venrock take part in $15mm Acadia financing

Executive Summary

New Enterprise Associates and Venrock were part of a group of backers that invested $15mm in Acadia Pharmaceuticals Inc. (developing neurological and glaucoma medicines). The company sold 12.57mm shares at $1.19 (market average) plus warrants to buy another 4.4mm shares. JMP Securities and MTS Securities were the placement agents. The proceeds, which give Acadia enough cash into 2013, will pay for Phase III trials of lead candidate pimavanserin, a 5-HT2A antagonist for Parkinson’s disease psychosis. Two months ago, Acadia lost Biovail (now Valeant) as its partner for the project.
Deal Industry
  • Biotechnology
  • Pharmaceuticals
Deal Status
  • Final
Deal Type
  • Financing
    • Private Investment in Public Biotech
    • Private Placement

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