Meadowvale-based pharmaceutical giant Biovail Corporation is investing in the development of a Parkinson's and Alzheimer’s drug.
Biovail has given California drug maker ACADIA Pharmaceuticals $30 million to continue developing a new drug for psychosis related to Parkinson's and Alzheimer's diseases.
Biovail has acquired the U.S. and Canadian rights to develop, manufacture and commercialize the drug, which contains pimavanserin tartrate, a new chemical entity designed to block a receptor on cells in the brain that appear in the final stages of clinical trials for patients with psychosis related to Parkinson’s.
According to the National Parkinson Foundation, about 40 per cent of Parkinson's patients may develop psychotic symptoms, which include hallucinations and delusions.
Similarly, the Alzheimer's Association reports between 25-50 per cent of Alzheimer's patients develop disturbing hallucinations and delusions.
Biovail CEO Bill Wells says the drug has the potential to make a significant difference in the lives of the millions of men and women living with the diseases.
Biovail has agreed to invest as much as another $160 million in potential development milestones if clinical trials and regulatory submissions are completed successfully.
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