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Acadia 3Q loss narrows on revenue boost
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SAN DIEGO - Acadia Pharmaceuticals Inc. said Monday its third-quarter loss narrowed on lower costs and a boost in revenue from its drug development partners.
The development-stage biopharmaceutical company lost $8.7 million, or 23 cents per share, compared with a loss of $15.6 million, or 42 cents per share, during the same period a year prior. Revenue surged to $2.4 million from $282,000, mainly on the company's collaboration with Biovail.
Analysts expected a loss of 24 cents per share.
The company is working with Biovail on pimavanserin as a potential Parkinson's disease treatment and schizophrenia therapy. They've been partners since May.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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