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Neurocrine Biosciences Reports Third Quarter 2013 Results
Date:10/29/2013

SAN DIEGO, Oct. 29, 2013 /PRNewswire/ -- Neurocrine Biosciences, Inc. (NASDAQ: NBIX) today announced its financial results for the quarter ended September 30, 2013. For the third quarter of 2013, the Company reported a net loss of $11.1 million, or $0.17 loss per share, compared to a net loss of $3.1 million, or $0.05 loss per share, for the same period in 2012. For the nine months ended September 30, 2013, the Company reported a net loss of $35.4 million, or $0.53 loss per share, as compared to net loss of $4.5 million, or $0.07 loss per share, for the first nine months of last year. At September 30, 2013, the Company had cash, cash equivalents, investments and receivables of $158.5 million.

"Our Kinect study of NBI-98854 provided valuable information regarding dose response and endpoint assessment that we have incorporated into our Kinect 2 study and overall development plan. The Kinect 2 study has also recently completed enrollment and we will have the top-line results from this Phase IIb study in December," said Kevin Gorman, Ph.D., President and Chief Executive Officer of Neurocrine Biosciences. "Additionally, this past quarter AbbVie initiated the second Phase III study of elagolix in endometriosis and is scheduled to have top-line data from the initial elagolix Phase III endometriosis study in 2014. Elagolix is also progressing in a Phase IIb study of uterine fibroids patients."

Revenues for the third quarter of 2013 were $0.7 million, compared to $9.4 million for the same period in 2012. Revenues for the nine months ended September 30, 2013 were $2.2 million, compared to $31.2 million for the first nine months of 2012. The entire reduction in revenue from 2012 to 2013 is due to the successful completion of the sponsored research and development phases of the Company's license agreements with both AbbVi
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SOURCE Neurocrine Biosciences, Inc.
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