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Neurocrine Biosciences Reports Fourth Quarter and Year-End 2008 Results

rotection and intellectual property rights of third parties; risks and uncertainties relating to competitive products and technological changes that may limit demand for the Company's products; and the other risks described in the Company's report on Form 10-K for the year ended December 31, 2007 and Form 10-Q for the quarter ended September 30, 2008. Neurocrine undertakes no obligation to update the statements contained in this press release after the date hereof.

                            NEUROCRINE BIOSCIENCES, INC.
                  Condensed Consolidated Statements of Operations
                     (in thousands, except for per share data)

                                      Three Months Ended   Twelve Months Ended
                                          December 31,          December 31,
                                         2008       2007      2008       2007
                                            (unaudited)          (unaudited)

        Sponsored research and
         development                       $-        $19       $47       $139
        License fees and milestones       729        486     3,919        986
        Grant Revenue                       -         27         9         99
           Total revenues                 729        532     3,975      1,224

     Operating expenses:
        Research and development       11,885     24,340    55,291     81,985
        Sales, general and
         administrative                 3,817     10,786    20,240     37,481
        Cease-use expense              15,742          -    15,742          -
        Prepaid royalty write-off           -     94,000         -     94,000
           Total operating expenses    31,444    129,126    91,273    213,466
     Loss from operations             (30,715)  (128,594)  (87,298)  (212,242)

     Other income and (expenses):
        Gain on sale of fixed assets    3,494          3     3,5
SOURCE Neurocrine Biosciences, Inc.
Copyright©2009 PR Newswire.
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