Neurocrine Biosciences Reports Fourth Quarter and Year-End 20... ( SAN DIEGO Feb. 3 /- Neurocrine Biosci...)

Neurocrine Biosciences Reports Fourth Quarter and Year-End 2008 Results

Date:2/3/2009

SAN DIEGO, Feb. 3 /PRNewswire-FirstCall/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced its financial results for the fourth quarter and year ended December 31, 2008. For the three months ended December 31, 2008, the Company reported a net loss of $28.9 million or $0.75 loss per share compared to a net loss of $128.0 million or $3.35 loss per share for the same period last year. For the year ended December 31, 2008, the Company had a net loss of $88.6 million or $2.30 loss per share compared to a net loss of $207.3 million or $5.45 loss per share in 2007. The decrease in net loss is primarily the result of a one-time write down in 2007 of $94.0 million for asset impairment related to a prepaid royalty, coupled with the fourth quarter of 2007 restructuring and ongoing cost control measures throughout 2008.

Revenues for the fourth quarter of 2008 were $0.7 million compared with $0.5 million for the same period last year. Revenues for the year ended December 31, 2008, were $4.0 million, compared with $1.2 million for 2007. The increase in revenues for the year ended December 31, 2008 is primarily due to revenue recognized under the Dainippon Sumitomo Pharma Co. Ltd. (DSP) collaboration agreement. The Company recognized $2.9 million and $0.5 million in license fee revenue from DSP during 2008 and 2007, respectively.

Research and development expenses were $11.9 million in the fourth quarter of 2008 compared to $24.3 million for the fourth quarter of 2007. For the year ended December 31, 2008, research and development expenses were $55.3 million compared to $82.0 million last year. The decrease in quarterly and year-to-date research and development expenses is primarily due to cost savings arising from our restructuring during the fourth quarter of 2007, and ongoing cost control measures throughout 2008.

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