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6872 AcadiaAR_Cover_FINAL:Layout 1 5/12/09 10:15 AM Page 1 ACADIA PHARMACEUTICALS bringing comfort to patients and their loved ones 2008 ANNUAL REPORT ACADIAPHARMACEUTICALS ANNUAL REPORT 2008 ACADIA Pharmaceuticals Inc., 3911 Sorrento Valley Blvd., San Diego, CA 92121 www.acadia-pharm.com 6872 AcadiaAR_Cover_FINAL:Layout 1 5/12/09 10:31 AM Page 2 CORPORATEINFORMATION EXECUTIVEOFFICERS CORPORATE HEADQUARTERS Uli Hacksell, Ph.D. ACADIA Pharmaceuticals Inc. Chief Executive Officer and Director 3911 Sorrento Valley Blvd. San Diego, CA 92121 Thomas H. Aasen Telephone: (858) 558-2871 1 LETTERTOSTOCKHOLDERS Vice President, Chief Financial Officer, Fax: (858) 558-2872 Secretary and Treasurer www.acadia-pharm.com 2 PARKINSON’S DISEASE PSYCHOSIS: AN UNDERSERVED MARKET John J. Kaiser Vice President, Strategic Marketing COMMONSTOCKLISTING 3 PIMAVANSERIN: A POTENTIAL FIRST-IN-CLASS THERAPY and Commercial Development Ticker Symbol: ACAD, The Nasdaq Global Market 4 OTHERPROGRAMS Roger G. Mills, M.D. Executive Vice President, ANNUALSTOCKHOLDERS’MEETING 5 FORM 10-K AND PERFORMANCE MEASUREMENT GRAPH Development ACADIA Pharmaceuticals’ Annual Stockholders’ Meeting will be held on Friday, June 12, 2009 at the offices of Bo-Ragnar Tolf, Ph.D. Cooley Godward Kronish LLP at 4401 Eastgate Mall, San Diego, CA. Vice President, Chemistry and Managing Director of ACADIA STOCKTRANSFERAGENTANDREGISTRAR Pharmaceuticals AB BNY Mellon Shareowner Services BOARDOFDIRECTORS 480 Washington Boulevard Leslie L. Iversen, Ph.D. Jersey City, NJ 07310-1900 Telephone: (800) 851-3061 Chairman of the Board www.bnymellon.com/shareowner/isd Professor of Pharmacology University of Oxford, England OURPIPELINE COMPANY COUNSEL Gordon Binder Cooley Godward Kronish LLP Founder and Managing Director REGULATORY COMMERCIALIZATION 4401 Eastgate Mall COMPOUND INDICATION PRECLINICAL IND-TRACK PHASE I PHASE II PHASE III APPROVAL RIGHTS Coastview Capital, LLC San Diego, CA 92121-1909 (2) Michael T. Borer (1) Parkinson’s Disease Biovail-North America Pimavanserin Former Chief Executive Officer and Psychosis ACADIA - Rest of world INDEPENDENTREGISTEREDPUBLICACCOUNTINGFIRM President, Xcel Pharmaceuticals, Inc. PricewaterhouseCoopers LLP AGN XX/YY Chronic Pain Allergan Laura A. Brege 750 B Street, Suite 2900 San Diego, CA 92101-8122 Executive Vice President and Chief Operating Officer AC-262271 Glaucoma Allergan Onyx Pharmaceuticals, Inc. STOCKHOLDERS’INQUIRIES Stockholders may obtain copies of our news releases, Securities and Neuropsychiatry/ Mary Ann Gray, Ph.D. ACP-106 ACADIA Exchange Commission filings, including Forms 10-K, 10-Q, and 8-K, and President Sleep other company information by accessing our website at www.acadia-pharm.com. Gray Strategic Advisors, LLC Stockholders may also contact Investor Relations at (858) 558-2871. AM-831 Schizophrenia Meiji - Asia ACADIA - Rest of world Uli Hacksell, Ph.D. Chief Executive Officer FORWARD-LOOKING STATEMENTS ACADIA Pharmaceuticals Inc. Statements in this report that are not strictly historical in nature are forward-looking (1) In addition, planning is underway for Alzheimer’s disease psychosis clinical program. statements. These statements include but are not limited to statements related to the progress (2) ACADIA has an option to co-promote pimavanserin in the U.S. Lester J. Kaplan, Ph.D. and timing of our drug development programs and related trials, the utility, safety and efficacy Former Executive Vice President of our product candidates, any future clinical trials, and our future results. These statements and President, Research and are only predictions representing ACADIA’s expectations and beliefs as of the date this report was prepared based on current information. Actual events or results may differ materially from Development, Allergan, Inc. those projected in any of such statements due to various factors, including the risks and uncertainties inherent in drug discovery, development and commercialization and the risk that Torsten Rasmussen past results of clinical trials may not be indicative of future trial results. For a discussion of President and Chief Executive Officer these and other factors, please refer to ACADIA’s Annual Report on Form 10-K for the year Morgan Management ApS ended December 31, 2008, as well as other subsequent filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking Alan G. Walton, Ph.D., D.Sc. statements. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are qualified in their entirety by Senior Partner and Chairman this cautionary statement and ACADIA undertakes no obligation to revise or update this report Oxford Bioscience Corporation to reflect future events or circumstances. 6872 Acadia_AR_Inside FINAL:Layout 1 5/12/09 10:20 AM Page 1 LETTERTO STOCKHOLDERS ”We are passionate about bringing forward new CNS drugs. With pimavanserin, we believe we have a first-in-class treatment for Parkinson’s disease psychosis that will make a real difference for patients and caregivers.” Dear Stockholders, At ACADIA, we are developing a promising portfolio consisting Our longstanding alliance with Allergan has yielded two of five product candidates in pursuit of our goal to deliver new clinical-stage product candidates. Allergan reported positive therapies that will address major unmet medical needs. In 2008, preliminary data from our Phase II program in chronic pain, we made important strides in moving our lead program with and has continued to progress our Phase I program in pimavanserin for Parkinson’s disease psychosis (PDP) toward glaucoma. In March 2009, we established an additional registration. We are excited with the progress in this Phase III collaboration with Meiji Seika Kaishi to develop and program and believe that pimavanserin provides ACADIA with commercialize a new class of pro-cognitive antipsychotic a very attractive medical and commercial opportunity. drugs in Japan and other Asian countries, while retaining rights in this program in the rest of the world for ACADIA. Last year the extremely challenging capital markets impacted many biotech companies, and ours was clearly no exception. We remain focused on the Phase III program with pimavanserin Because of the unprecedented economic conditions, along with for PDP,our top priority,and we look forward to announcing disappointing results from our ACP-104 Phase II schizophrenia top-line data from the first Phase III pivotal trial in the third trial, wetook disciplined steps toreduceour costs and strengthen quarter of 2009. A Phase III program is a major undertaking, our financial position. This strategy has enabled us to dedicate and our commitment to the successful and timely execution of our resources to our most advanced clinical programs. the pivotal Phase III trials speaks to the quality and dedication of the employees we have working at ACADIA. We also expect We expect the year ahead to be an important and exciting Allergan to complete Phase II studies in our chronic pain period for ACADIA, providing the potential for several value- program during 2009, enabling the potential selection of driving catalysts, including clinical data from our most doses and indications for late-stage development. advanced programs. Importantly,we have established multiple collaborations that help us to aggressively move our pipeline In closing, we believe that ACADIA is well positioned with of product candidates forward. Most recently,in May 2009, we a balanced portfolio of internal and collaborative product established an alliance with Biovail to develop and commercial- candidates that provide us with multiple product and commercial ize pimavanserin in North America. The collaboration is initially opportunities. We remain steadfast in our vision to turn novel focused on PDP and psychosis in Alzheimer’s disease, and discoveries from the research laboratory into new therapies allows us to increase significantly the resources behind the that will improve the lives of patients and their caregivers. pimavanserin development program while at the same time broadening the indication focus. In addition to providing ACADIA with attractive financial terms, the agreement with Biovail gives ACADIA an option to co-promote pimavanserin in the United States. ACADIA has retained all rights to Uli Hacksell, Ph.D. pimavanserin outside of North America. Chief Executive Officer ACADIAPHARMACEUTICALS 1 6872 Acadia_AR_Inside FINAL:Layout 1 5/12/09 10:20 AM Page 2 PARKINSON’S DISEASE PSYCHOSIS: ANUNDERSERVEDMARKET “As a registered nurse, I was prepared for the physical problems with my husband’s Parkinson’s disease; however, I was totally unprepared for the psychiatric issues.” Carol McLain, RN Parkinson’s disease can affect more than just the body. manage the motoric symptoms of Parkinson’s disease. Today over 1.5 million Americans are living with Parkinson’s This approach often worsens motor function in these disease, most of them over the age of 60. Up to 40% of patients without effectively alleviating psychotic them suffer from Parkinson’s disease psychosis (PDP), a symptoms. Alternately, physicians may use current condition often characterized by disturbing hallucinations antipsychotic drugs off-label. However, these drugs are and delusions that can be debilitating. generally not well tolerated by PDP patients at doses required to achieve PDP Symptoms antipsychotic effects and Patients with PDP may see, feel, or hear