Acadia Pharmaceuticals will slash funding for early-stage development as it lays off 65 employees and concentrates on the advancement of its four most promising programs. Acadia had 143 staffers at the end of last year.
The developer has two programs partnered with Allergan. Pimavanserin is in late-stage trials for Parkinson's psychosis. A chronic pain drug is in mid-stage testing and ACP-106 is scheduled to enter the clinic next year.
"Through these actions we believe we have positioned Acadia to achieve key milestones in our advanced clinical programs while at the same time extending our cash runway into the first half of 2010," said CEO Uli Hacksell, Ph.D. "We also have added further strength and flexibility through a new Committed Equity Financing Facility with Kingsbridge announced separately today."