Ebb & Flow

Having just lost its second most advanced program and with no near-term milestones in sight, Acadia is likely to find itself in the less than optimal position of having to raise money ahead of its next inflection point.

Shares of Acadia(NASDAQ:ACAD) fell $3.66 (43%) to $4.83 on Monday after its ACP-104 failed in a Phase IIb trial in schizophrenia. As a result, the neurology company said it will discontinue development of the metabolite of clozabine (see B12). ...