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ACADIA PHARMACEUTICALS 2012 ANNUAL REPORT » COMPOUND/PROGRAM PIMAVANSERIN » COMMERCIALIZATION RIGHTS » INDICATION { Phase 3 } PARKINSON’S DISEASE ACADIA PSYCHOSIS

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ACADIA PHARMACEUTICALS 2012 ANNUAL REPORT » COMPOUND/PROGRAM PIMAVANSERIN » COMMERCIALIZATION RIGHTS » INDICATION { Phase 3 } PARKINSON’S DISEASE ACADIA PSYCHOSIS ACADIA PHARMACEUTICALS 2012 ANNUAL REPORT » COMPOUND/PROGRAM PIMAVANSERIN » COMMERCIALIZATION RIGHTS » INDICATION { Phase 3 } PARKINSON’S DISEASE ACADIA PSYCHOSIS » COMPOUND/PROGRAM PIMAVANSERIN » COMMERCIALIZATION RIGHTS » INDICATION { Phase 2 } SCHIZOPHRENIA ACADIA » COMPOUND/PROGRAM PIMAVANSERIN » COMMERCIALIZATION » INDICATION { Phase 2 } RIGHTS ALZHEIMER’S DISEASE ACADIA PSYCHOSIS » ABOUT ACADIA PHARMACEUTICALS We are a biopharmaceutical company focused on innovative treatments that address unmet medical needs in neurological and related central nervous system disorders. Our pipeline of product candidates is led by pimavanserin, which is in Phase III development as a potential first-in-class treatment for Parkinson’s disease psychosis. Pimavanserin also has the potential to address a range of other neurological and psychiatric disorders, including Alzheimer’s disease psychosis and schizophrenia, which also are underserved by currently marketed antipsychotic drugs. » DEAR FELLOW STOCKHOLDERS 2012 was a breakthrough year for ACADIA culminating with the impressive results from our pivotal Phase III -020 Study with pimavanserin for Parkinson’s disease psychosis (PDP) and our successful financing. These important achievements, coupled with our April 2013 announcement of an expedited path to NDA filing, provide a strong foundation for rapidly advancing pimavanserin to registration in PDP and strategically expanding the pimavanserin program into other important neurological and psychiatric indications. I believe that we are now well positioned to execute on our strategy of building a leading biopharmaceutical company dedicated to developing and commercializing innovative therapies that improve the lives of patients with neurological and related central nervous system disorders. Advancing our Phase III PDP Program to Registration Today, there are no drugs approved in the United States to treat PDP, a debilitating disorder that develops in up to 60 percent of Parkinson’s patients. PDP has a profound impact on and deeply affects the quality of life of patients, family members and caregivers. Among patients with Parkinson’s disease, psychosis is the leading cause of nursing home placement and it significantly increases their risk of morbidity and mortality. The strong data from our Phase III -020 Study represent a significant leap forward in the PDP field, potentially positioning pimavanserin to be the first drug approved in the United States for the treatment of this disorder. Dr. Jeffrey Cummings, M.D., Sc.D., Director of the Cleveland Clinic Lou Ruvo Center for Brain Health and a recognized expert in the field of neurology, presented detailed results from our -020 Study at the 65th American Academy of Neurology Meeting in March 2013. The -020 data showed robust and consistent efficacy of pimavanserin across a wide array of study measures and confirmed the positive top-line results that we announced in November 2012. Pimavanserin demonstrated highly significant antipsychotic efficacy in patients with PDP and allowed for maintained motor control. Highly significant improvements were also seen in all secondary efficacy measures. In addition, significant benefits were observed in exploratory measures of nighttime sleep, daytime wakefulness, and caregiver burden. Importantly, regardless of whether assessments were performed by independent blinded raters, site investigators, or caregivers, clear benefits of pimavanserin were observed. Consistent with previous studies, pimavanserin was safe and well tolerated in this Phase III trial. » 1 Neurology Psychiatry PARKINSON’S SCHIZOPHRENIA ALZHEIMER’S PSYCHOSIS DEPRESSION LEWY BODY DEMENTIA MANIA Pimavanserin has the potential to treat psychosis associated with neurological and psychiatric indications. Following the successful -020 Study, we met with who have completed our Phase III studies and who, the U.S. Food and Drug Administration (FDA) in in the opinion of the treating physician, may benefit April 2013. The FDA agreed that the data from our from continued treatment with pimavanserin. -020 Study, together with supportive data from other studies with pimavanserin, are sufficient to support We believe that, if approved, pimavanserin will the filing of a New Drug Application (NDA) for the represent the first effective and safe drug that will treatment of PDP. The outcome of this meeting treat the psychosis in patients with Parkinson’s represents another important step forward in our disease without compromising motor control, pimavanserin program. Importantly, we expect this thereby significantly improving the quality of life outcome will expedite the path to NDA filing and for these patients. Our strategy is to commercialize potential approval of pimavanserin, and may enable pimavanserin in the United States by establishing a pimavanserin to be available earlier than previously small specialty neurology sales force. We may choose expected to help Parkinson’s patients suffering to commercialize pimavanserin in markets outside of from psychosis. the United States through future strategic alliances. As a result of the expedited path to NDA filing, we Maximizing the Potential of Pimavanserin by will not conduct the planned confirmatory Phase III Expanding Into Other Indications trial that was scheduled to be initiated in April 2013. While pimavanserin represents a potential first-in- We remain focused on completing the remainder of class therapy for PDP, we believe it also can play an our pimavanserin PDP development program needed important role in treating a range of other for NDA submission. This includes customary neurological and psychiatric disorders, which are supportive studies, such as drug-drug interaction underserved by currently marketed antipsychotic studies, and CMC development, such as stability drugs and represent large unmet medical needs. testing of registration batches. We are also Antipsychotic medications generated over $28 billion continuing to conduct our Phase III -015 open-label in worldwide sales in 2011. Despite a black box 2 safety extension study. This trial involves patients warning for use in elderly patients with dementia- » OUR PIPELINE COMPOUND/ REGULATORY COMMERCIALIZATION PROGRAM INDICATION PRECLINICAL IND-TRACK PHASE I PHASE II PHASE III APPROVAL RIGHTS Parkinson’s Disease Psychosis Pimavanserin Schizophrenia (1) ACADIA Alzheimer’s Disease (2) Psychosis Adrenergic Chronic Pain Allergan Muscarinic Glaucoma Allergan Chronic Pain, MS, ERβ ACADIA Parkinson’s Disease Nurr-1 Parkinson’s Disease ACADIA (1) Completed Phase II schizophrenia co-therapy trial. (2) Phase II ADP study planned for H2-2013. Pimavanserin has the potential to treat psychosis associated with neurological and psychiatric indications. related psychosis due to increased mortality and a low, sub-therapeutic dose of risperidone provided morbidity, existing antipsychotics are frequently used an attractive clinical profile with efficacy comparable off-label to treat PDP and related indications. to a high, standard dose of risperidone but with a much improved side effect profile and a faster Alzheimer’s disease psychosis (ADP) is one such onset of action. We are now planning for additional indication in which we believe pimavanserin may studies that we may pursue with pimavanserin in provide important benefits to patients. More than this indication. five million people in the United States have Alzheimer’s disease and, of these patients, an Advancing Other Pipeline Programs estimated 25% to 50% suffer from ADP. Similar to ACADIA’s proprietary discovery platform has led to PDP, currently no therapy is approved to treat ADP in a portfolio of additional clinical-stage product the United States. We believe that pimavanserin’s candidates and preclinical programs in CNS areas non-dopaminergic mechanism of action and with large unmet needs. Through our long-standing favorable safety profile observed to date in elderly alliance with Allergan, we have two clinical-stage patients with Parkinson’s disease, make it ideally programs in the areas of chronic pain and glaucoma. suited to address the need for a novel ADP treatment. We are preparing to initiate a Phase II In addition, we have made important strides in two feasibility trial in the second half of 2013 to evaluate advanced preclinical programs, our ER-beta and the use of pimavanserin as a treatment for ADP. Nurr-1 programs, which may offer new disease- modifying approaches to treating diseases such as We believe that pimavanserin also has considerable Parkinson’s disease, chronic pain and multiple commercial potential in schizophrenia and related sclerosis. During 2012, these innovative programs psychiatric disorders. Results from our earlier received further validation and financial support Phase II schizophrenia trial were published last year through grants from The Michael J. Fox Foundation, in the journal Schizophrenia Research. Our data Fast Forward/EMD Serono, and The National Institute demonstrated that co-therapy with pimavanserin and of Neurological Disorders and Stroke. We expect to 3 ACADIA Management Team from left to right: Kirk V. Crawford, Roger G. Mills, Thomas H. Aasen, Uli Hacksell, Glenn F. Baity, Hilde L. Williams bolster our development pipeline this year by neurological and psychiatric diseases only continues advancing a compound from one of these two to grow, and ACADIA remains deeply committed to preclinical programs into development in advancing innovative therapies that will improve the preparation for future clinical
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