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Neurocrine Biosciences Reports First Quarter 2012 Results
Date:5/2/2012

SAN DIEGO, May 2, 2012 /PRNewswire/ -- Neurocrine Biosciences, Inc. (NASDAQ: NBIX) today announced its financial results for the quarter ended March 31, 2012.  For the first quarter of 2012, the Company reported net loss of $0.9 million, or $0.01 loss per share, compared with a net income of $2.9 million, or $0.05 income per share, for the same period in 2011. This $3.8 million change in operating results is primarily due to the Company's VMAT2 program moving forward in clinical trials, and expanded research and development efforts in earlier pre-clinical programs.

The Company's balance sheet at March 31, 2012 reflected total assets of $210.1 million, including cash, cash equivalents, investments and receivables of $203.2 million compared with balances at December 31, 2011 of $138.4 million and $131.7 million, respectively.  During January 2012, the Company completed a public offering of approximately 10.9 million shares of common stock that resulted in net proceeds of approximately $83.0 million.

"Our operating results were as expected for the first quarter of 2012 and the capital raise in January served to strengthen our financial position," said Kevin Gorman, Ph.D., President and Chief Executive Officer of Neurocrine Biosciences. "We are pleased with the progress made in elagolix for endometriosis thus far in 2012 including the filing of the Special Protocol Assessment and the recent investigator meeting to launch the Phase III program. Additionally, we continue to make good progress in readying for the next Phase II study of NBI-98854 which will start later this summer."

Revenues for the first quarter of 2012 were $11.3 million compared with $12.5 million for the same period last year.  The decrease in revenues of $1.2 million is primarily due to revenues recognized under our collaboration agreements with Abbott and Boehringer Ingelheim w
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SOURCE Neurocrine Biosciences, Inc.
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