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Neurocrine Biosciences Reports First Quarter 2008 Results
Date:4/30/2008

SAN DIEGO, April 30 /PRNewswire-FirstCall/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced its financial results for the quarter ended March 31, 2008. For the first quarter of 2008, the Company reported a net loss of $21.1 million, or $(0.55) per share compared with a net loss of $25.7 million, or $(0.68) per share, for the same period in 2007.

Revenues for the first quarter of 2008 were $1.8 million compared with $0.1 million for the same period last year. The increase in revenues is primarily due to revenues recognized in 2008 under collaboration agreements with GlaxoSmithKline (GSK) and Dainippon Sumitomo Pharma Co. Ltd (DSP). During the first quarter of 2008, the Company recognized $1.0 million in milestone revenue from GSK for clinical advancements relating to the company's CRF drug candidate and $0.7 million in license fee revenue from DSP for Japanese rights to indiplon.

Research and development expenses decreased to $14.2 million during the first quarter of 2008 compared with $19.1 million for the same period in 2007. The decrease in research and development expenses is primarily due to cost savings related to our restructuring in the fourth quarter of 2007.

General and administrative expenses were $8.3 million for the first quarter of 2008 and $8.3 million during the same period last year. The Company incurred $2.2 million in restructuring charges during the first quarter of 2008. This cost was offset by cost savings related to the restructuring that was enacted in the fourth quarter of 2007.

The Company's balance sheet on March 31, 2008 reflected total assets of $243.9 million, including cash, cash equivalents, and marketable securities of $149.7 million compared with balances at Decemb
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SOURCE Neurocrine Biosciences, Inc.
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