It was a big week for news from San Diego’s public life sciences companies. We have all the deals, dollars, and developments wrapped up here.
—San Diego’s Acadia Pharmaceuticals (Nasdaq: ACAD) said it’s raising $86.4 million through a private stock placement that is expected to close Monday. As Xconomy recently reported, Acadia reported encouraging results last month in a pivotal, late-stage clinical trial of pimavanserin, a new drug intended to control hallucinations associated with advanced Parkinson’s disease. Proceeds of the private stock placement will be used mostly to complete final clinical studies of pimavanserin.
—San Diego-based Zogenix (Nasdaq: ZGNX) said the FDA’s Anesthetic and Analgesic Drug Products Advisory Committee (AADPAC) recommended that health regulators reject its new drug application for an extended-release formulation of hydrocodone without acetaminophen (Zohydro). Zogenix had proposed the drug for managing moderate-to-severe chronic pain when a continuous opioid analgesic is needed around the clock. The FDA is expected to issue a final decision by March 1, 2013.
—A Texas drug holding company agreed to buy San Diego’s Somaxon Pharmaceuticals (Nasdaq: SOMX) in a stock deal valued at $25 million. Pernix Therapeutics Holdings (NYSE: PTX) said Somaxon’s insomnia drug doxepin (Silenor) would broaden its line of branded drugs. Somaxon was under pressure from generic drug makers that were seeking FDA approval to sell generic versions of doxepin for insomnia.