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

hich began in June 2010. During the first quarter of 2012, the Company recognized revenue of $2.0 million in the form of sponsored development funding under these two agreements compared to $3.2 million of sponsored development revenue during the first quarter of 2011.

Research and development expenses increased to $9.4 million during the first quarter of 2012 compared with $7.3 million for the same period in 2011.  The increase in expense was a result of higher external clinical development expenses related to the VMAT2 program, partially offset by lower external clinical development expenses related to the elagolix program. The Company also incurred costs during the first quarter of 2012 related to early stage programs for external testing and scientific consulting that accounted for $0.7 million of the increase. Additionally, research and development personnel expenses were higher quarter over quarter, primarily due to a $0.3 million increase in share-based compensation expense. General and administrative expenses increased from $3.2 million in the first quarter of 2011 to $3.7 million for the first quarter of 2012. This increase is primarily driven by higher share-based compensation expense which increased by $0.4 million.

Pipeline HighlightsElagolix Update
During April 2012, Abbott held the investigator meeting to launch the Phase III program for elagolix in endometriosis. The screening of patients for the Phase III clinical program of elagolix for endometriosis is expected to commence in the second quarter of 2012.

Abbott continues to enroll subjects in a large Phase II study of elagolix in uterine fibroids. This study will assess uterine blood loss in 325 women with heavy uterine bleeding due to uterine fibroids.

VMAT2 Update
The Company's VMAT2 inhibitor, NBI-98854, recently completed a second Phase II study assessing the efficacy of NBI-98854 in tardive dyskinesia patients. The design of th
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SOURCE Neurocrine Biosciences, Inc.
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