ACADIA To Discontinue Development Of AM-831 In Schizophrenia - Update

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7/13/2012 8:33 AM ET

Shares of biopharmaceutical firm ACADIA Pharmaceuticals Inc. (ACAD: Quote) are declining over 5 percent in pre-market trading after the company said that its AM-831, a compound under development for schizophrenia in collaboration with Meiji Seika Pharma Co., Ltd., did not meet pre-determined criteria for further development in Phase I testing.

The two companies have jointly decided to discontinue the development of AM-831, ACADIA said in a regulatory filing.

AM-831 is a novel and orally available small molecule. According to ACADIA's website, it demonstrated robust effects in preclinical models of psychosis and pro-cognitive effects in preclinical behavioral models.

The company's plan was to co-develop this compound in collaboration with Meiji through completion of proof-of-concept clinical studies. Meiji had exclusive rights to develop and commercialize AM-831 in Japan and some other Asian countries while ACADIA held rights in the rest of the world.

The company is scheduled to present at the 7th Annual JMP Securities Healthcare Conference today. During the presentation, ACADIA will provide an update on its pipeline, including the status of its ongoing Phase III efficacy, tolerability and safety trial with pimavanserin for Parkinson's disease psychosis or the -020 Study.

ACADIA is approaching completion of enrollment in the -020 Study and 90 percent of the planned patient enrollment has been completed. The firm expects to complete enrollment in this trial during August.

ACAD, which closed at $1.77 on Thursday, is falling 5.1 percent in pre-market activity.

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