ACADIA Pharmaceuticals Inc. (ACAD) said Wednesday that it has priced an underwritten public offering of 8 million shares of its common stock, offered at a price to the public of $12.50 per share.
The gross proceeds from the offering to ACADIA are expected to be $100 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by ACADIA.
The companyy has granted the underwriters a 30-day option to purchase up to an aggregate of 1.2 million shares of common stock to cover over-allotments, if any.
The offering is expected to close on or about May 20.
ACADIA expects to use net proceeds of this offering to fund ongoing and new clinical trials and development and commercialization efforts for pimavanserin and its other product candidates and for general corporate purposes, which may include research, development and commercialization expenses, capital expenditures, working capital, and general and administrative expenses.
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