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Neurocrine Biosciences Reports Second Quarter 2013 Results
Date:7/25/2013

SAN DIEGO, July 25, 2013 /PRNewswire/ -- Neurocrine Biosciences, Inc. (NASDAQ: NBIX) today announced its financial results for the quarter ended June 30, 2013. For the second quarter of 2013, the Company reported a net loss of $12.2 million, or $0.18 loss per share, compared to a net loss of $0.5 million, or $0.01 loss per share, for the same period in 2012. For the six months ended June 30, 2013, the Company reported a net loss of $24.3 million, or $0.36 loss per share, as compared to net loss of $1.4 million, or $0.02 loss per share, for the first half of last year.

The Company's balance sheet at June 30, 2013 reflected total assets of $174.8 million, including cash, cash equivalents, investments and receivables of $167.5 million compared with balances at December 31, 2012 of $196.0 million and $188.3 million, respectively.  

"While our partner AbbVie drives elagolix forward in late stage clinical trials of both endometriosis and uterine fibroids, we are very pleased with the recent progress of our wholly-owned VMAT2 program," said Kevin Gorman, Ph.D., President and Chief Executive Officer of Neurocrine Biosciences. "NBI-98854 recently achieved a significant milestone with the completion of randomization in the Kinect Study and we look forward to sharing the top-line placebo-controlled results in September. Additionally, the Kinect 2 Study continues to enroll high quality patients and we anticipate having the top-line placebo-controlled results from this study in the fourth quarter of this year."

Revenues for the second quarter of 2013 were $0.7 million, compared to $10.6 million for the same period in 2012. Revenues for the six months ended June 30, 2013 were $1.5 million, compared to $21.8 million for the first half of 2012. The entire reduction in revenue from 2012 to 2013 is due to the successful
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SOURCE Neurocrine Biosciences, Inc.
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