Acadia shares plunge on mid-stage trial failure

Shares of Acadia Pharmaceuticals went into free fall this morning after the company announced that one of its schizophrenia drug candidates failed a mid-stage trial. Researchers said that ACP-104 was no better than a placebo in relieving symptoms of schizophrenia. And the company said that they would probably shutter the development program as a result of the data.

That news sent Acadia's stock into a nose dive, with shares losing 56 percent of their value this morning. Acadia does have another schizophrenia drug--pimavanserin--in mid-stage development.

"We clearly are disappointed in the results of this study," said Uli Hacksell, Ph.D., the CEO of Acadia. "While we will thoroughly analyze the data to understand the outcome, we currently do not anticipate conducting further studies with ACP-104."

- check out the press release
- read the AP report