Reuters: Global Markets: Acadia drops schizophrenia drug after trial failure

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Acadia drops schizophrenia drug after trial failure Jul 13th 2012, 13:03 Fri Jul 13, 2012 9:03am EDT (Reuters) - Acadia Pharmaceuticals Inc (ACAD.O) said it would stop developing its experimental schizophrenia treatment after the drug failed to meet the goal of an early-stage trial. The company was developing the drug, AM-831, jointly with Japan's Meiji Seika Pharma Co Ltd MEIJHA.UL. Acadia also said it expects to complete patient enrollment for the late-stage study of its experimental Parkinson's disease drug, pimavanserin, in August. In a filing with the U.S. Securities and Exchange Commission, the company said it would a further provide on the drug at the JMP Securities Healthcare Conference on Friday. Shares of the San Diego, California-based company were down 5 percent at $1.68 in premarket trade. They closed at $1.77 on Thursday on the Nasdaq.

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