SAN DIEGO (AP) - Biotechnology company Acadia Pharmaceuticals Inc. said
Monday its second-quarter loss narrowed on higher revenue from collaborations
with Sepracor Inc. and Allergan Inc. and higher interest income.
The company lost $10.8 million, or 29 cents per share, compared with a
profit of $11.9 million, or 43 cents per share, during the same period a year
prior. Revenue rose to $2.1 million from $1.9 million.
Analysts polled by Thomson Financial expected a loss of 39 cents per share
on revenue of just under $2.3 million.
The company said revenue from collaborations Sepracor and Allergan totaled
$827,000 and $666,000, respectively, compared with $945,000 and $435,000, during
the same period last year. Net interest income doubled to $1.9 million.
Meanwhile, operating expenses remained flat.
During the quarter the company started a late-stage study of the Parkinson's
disease psychosis drug pimavanserin. As of June 30, the Acadia had $153.9
million in cash, cash equivalents and investment securities.
Shares of Acadia rose 37 cents, or 2.5 percent, to close at $15.24.
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