Neurocrine Biosciences Reports Fourth Quarter and Year-End 20... (Sales general and administrative expense...)

Neurocrine Biosciences Reports Fourth Quarter and Year-End 2008 Results

Date:2/3/2009

Sales, general and administrative expenses were $3.8 million for the fourth quarter 2008 compared with $10.8 million for the same period in 2007. For the year ended December 31, 2008 sales, general and administrative expenditures totaled $20.2 million compared to $37.5 million in 2007. The decrease in quarterly and year-to-date sales, general and administrative expenses is primarily due to cost savings arising from our restructuring during the fourth quarter of 2007, and ongoing cost control measures throughout 2008.

During the fourth quarter of 2008, the Company amended the lease agreement for its two building campus. Under the amendment, the Company vacated the front office building and established a mechanism for the Company to reduce its fixed costs related to the front office building. As a result of vacating the front office building, the Company incurred a "cease-use" expense of $15.7 million in the fourth quarter of 2008.

Additionally, the Company terminated its option to repurchase the buildings at a predetermined inflationary cost. The forfeiture of this repurchase option resulted in the Company removing a $108.7 million liability from its balance sheet, $69.6 million of real estate related assets, and establishing a non-cash liability "deferred gain on sale of real estate" of $39.1 million, of which $3.5 million was recognized as other income during the fourth quarter of 2008, the balance of which will be recognized over the remaining term of the lease.

The Company's balance sheet at December 31, 2008 reflected total assets of $118.2 million including cash and investments of $101.5 million, and no long-term debt.

"During 2008, we performed to plan from both a scientific and financial standpoint. We completed the GnRH 603 study with outstanding statistically and clinically significant results. Additionally, both the 702 and 703 studies in GnRH were initiated and are on track. The preclinic
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SOURCE Neurocrine Biosciences, Inc.
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Neurocrine Biosciences Reports Fourth Quarter and Year-End 20...(Sales general and administrative expense...),Health