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CA Xtrackers California Municipal Bonds ETF

24.945
0.00 (0.00%)
Last Updated: 15:35:27
Delayed by 15 minutes
Name Symbol Market Type
Xtrackers California Municipal Bonds ETF NASDAQ:CA NASDAQ Exchange Traded Fund
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.00 0.00% 24.945 25.00 25.04 1 15:35:27

Acadia Pharmaceuticals Delays Seeking Approval of Parkinson's Drug; CEO Resigns -- Update

11/03/2015 10:45pm

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   By Maria Armental 
 
 

Acadia Pharmaceuticals (ACAD) won't be seeking regulatory approval for its lead drug candidate to treat Parkinson's disease psychosis until the second half of the year.

The announcement came as the San Diego biopharmaceutical company, which focuses on treatment of central nervous system disorders, said longtime Chief Executive Uli Hacksell has resigned from his post, effective immediately.

No reason was specified in a filing with the Securities and Exchange Commission. The company said in a news release Mr. Hacksell had retired.

Executive Vice President Stephen R. Davis, who has taken over the top post on an interim basis, said in a conference call with analysts Wednesday afternoon that Mr. Hacksell had discussed with board "for some time" retiring

Asked about Mr. Hacksell's leaving the board, Mr. Davis said, "When a CEO leaves the organization, it's very common that they also step off the board."

Mr. Davis, 53 years old, also serves as chief financial officer and chief business officer, has taken over on an interim basis.

Shares plunged nearly 22% to $35 in recent after-hours trading.

Acadia said additional time to seek regulatory approval was needed to make sure it is ready to support production and supply of its candidate treatment pimavanserin, which would be commercialized as Nuplazid. The Food and Drug Administration granted the drug breakthrough therapy designation last year, which means the FDA will act on the application within 60 days of receipt.

Acadia had planned to file a new drug application in the first quarter.

"The change in submission timing is not a result of any change to Nuplazid's clinical or safety profile, nor is it a result of any interaction with or request for information from the FDA," the company said in a statement.

"Speaking quite frankly, the company didn't start the process early enough to get those things in place," Mr. Davis said during the conference call.

Under the terms of an agreement with Mr. Hacksell, the former chief executive will receive a $36,000 lump sum payment and an additional $580,000, broken down in monthly installments, for consulting work over the next 1 1/2 years.

Write to Maria Armental at maria.armental@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


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