Acacia Pharma buoyed by US progress
Transatlantic pharma group Acacia says it is making significant strides towards its vision of becoming a leading US hospital pharmaceutical business.
CEO Mike Bolinder has been buoyed by important milestones for the firm’s BARHEMSYS® (intravenous amisulpride) product for the prevention and treatment of postoperative nausea & vomiting (PONV) in adult patients and the in-licensing of the Byfavo sedative/anaesthetic for use during invasive medical procedures.
The US FDA approved a new drug application for BARHEMSYS on February 26. Byfavo was licensed in from Cosmo Pharmaceutical in January.
Bolinder said: “Our vision is to become a leading US hospital pharmaceutical company and with the approval of BARHEMSYS and in-licensing of Byfavo, we now believe we are well positioned to achieve this aim in the medium term.
“Receiving a second complete response letter for BARHEMSYS from the FDA last year was clearly disappointing, but we have now successfully completed this critical step. I am truly grateful to our employees for their dedication and loyalty during what was a challenging year and to our shareholders for their continued support.”
Acacia lost $22.8m after tax in the year to December 31 – up from $20.7m year-on-year. It had year-end cash and equivalents of $17m, showing a huge burn from the $37.4m in hand the previous December.
The balance sheet was strengthened post year-end, however, with €10m equity investment in January and a €10m loan facility which became available following the BARHEMSYS approval – each from Cosmo Pharmaceuticals.
Acacia has flagged up key changes in its senior management team. Christine Soden stepped down as a director, chief financial officer and company secretary on February 29. Gary Gemignani now serves as CFO. Anne-Marie Elsley was appointed as company secretary on the same date.