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Neurocrine Biosciences Reports Third Quarter 2011 Results
Date:10/31/2011

related to advancing elagolix into Phase II clinical trials in uterine fibroids and a $20.0 million milestone related to the outcome of an elagolix pre-Phase III meeting with the FDA for endometriosis. The increase in year-to-date revenue is a result of these milestones, as well as a full nine months of revenue recognition under the collaboration agreements with Abbott and Boehringer Ingelheim, for our GnRH and GPR119 programs, respectively. The Company entered into both of these collaboration agreements in June of 2010.

Research and development expenses decreased to $7.5 million during the third quarter of 2011 compared to $8.2 million for the same period in 2010. Year-to-date research and development expenses for 2011 were $22.9 million compared to $23.1 million for the first nine months of 2010. This decrease in expense is primarily due to the continued transition of the elagolix workload from the Company to Abbott, offset by an increase in external development expenses for the Company's VMAT2 program.General and administrative expenses increased to $3.8 million during the third quarter of 2011 compared with $3.6 million for the same period last year. For the nine months ended September 30, 2011, general and administrative expenses were $9.8 million, compared to $10.0 million for the first nine months of 2010.

Other income was $0.9 million during the third quarter of both 2011 and 2010. Other income decreased from $3.1 million of income during the first nine months of 2010 to $2.8 million of other income for the first nine months of 2011. This change resulted primarily from a one-time $0.5 million gain recognized on auction rate securities in 2010.

Pipeline HighlightsElagolix UpdateElagolix Phase III trials for endometriosis are planned to start in the fourth quarter of 2011, with Phase II trials assessing elagolix in uterine fibroids initiated in the third quarter of 2011.

Additionally, multiple abstracts and datasets fro
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SOURCE Neurocrine Biosciences, Inc.
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