The gross proceeds from this offering to ACADIA are expected to be $100 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by ACADIA. ACADIA has granted the underwriters a 30-day option to purchase up to an aggregate of 1,200,000 shares of common stock to cover over-allotments, if any. The offering is expected to close on or about May 20, 2013, subject to customary closing conditions. ACADIA expects to use net proceeds of this offering to fund ongoing and new clinical trials and development and commercialization efforts for pimavanserin and its other product candidates and for general corporate purposes, which may include research, development and commercialization expenses, capital expenditures, working capital, and general and administrative expenses.
Jefferies LLC and Cowen and Company, LLC are acting as the joint book-running managers for the offering. JMP Securities LLC, Needham & Company, LLC, Ladenburg Thalmann & Co. Inc., Roth Capital Partners, LLC, and SunTrust Robinson Humphrey, Inc. are acting as co-managers for the offering.
The shares of common stock described above are being offered by ACADIA pursuant to a shelf registration statement previously filed by ACADIA with the Securities and Exchange Commission (SEC) and declared effective by the SEC on January 6, 2012. A preliminary prospectus supplement related to the offering was filed with the SEC and is available on the SEC's website located at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to this offering, when available, may be obtained from Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, 12th floor, New York, NY 10022 or by telephone at 877-547-6340 or by email at Prospectus_Department@Jefferies.com, or from Cowen and Company, LLC (c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, Phone: 631-274-2806, Fax: 631-254-7140).
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.