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Acadia drug approval could clear way for Axovant dementia therapy

An imminent ruling on Acadia Pharmaceuticals Inc's drug for Parkinson's disease psychosis is being closely watched by a Bermuda-based company with a similar treatment for dementia.

Axovant Sciences Ltd's experimental drug for Lewy body dementia - after Alzheimer's, the most common form of progressive dementia - would benefit from the approval of Acadia's drug, Axovant's chief development officer told Reuters.

The decision by the U.S. Food and Drug Administration is due by May 1. Analysts expect a positive ruling after the drug won the backing of an independent panel of experts.

Both companies' drugs are designed to treat conditions that have no specific pharmaceutical therapy approved by the FDA. The drugs target the 5-HT2A receptor in the brain, which is linked with neuropsychiatric disturbances.

But while San Diego-based Acadia's Nuplazid seeks to treat Parkinson's disease psychosis (PDP)...