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Neurocrine Biosciences Reports First Quarter 2013 Results
Date:5/2/2013

SAN DIEGO, May 2, 2013 /PRNewswire/ -- Neurocrine Biosciences, Inc. (NASDAQ: NBIX) today announced its financial results for the quarter ended March 31, 2013.  For the first quarter of 2013, the Company reported net loss of $12.1 million, or $0.18 loss per share, compared to a net loss of $0.9 million, or $0.01 loss per share, for the same period in 2012. This $11.2 million change in operating results is primarily due to lower revenue recognized during 2013 under the Company's license agreements with AbbVie and Boehringer Ingelheim. The sponsored research and development segments of both of these agreements concluded, as scheduled, during 2012.

The Company's balance sheet at March 31, 2013 reflected total assets of $183.9 million, including cash, cash equivalents, investments and receivables of $176.9 million compared with balances at December 31, 2012 of $196.0 million and $188.3 million, respectively.  

"AbbVie has made great progress with elagolix. The initiation of this Phase IIb study in uterine fibroids is another significant milestone for this program," said Kevin Gorman , Ph.D., President and Chief Executive Officer of Neurocrine Biosciences. "Our VMAT2 program also continues to move forward in two Phase IIb tardive dyskinesia studies, with an End of Phase II FDA meeting anticipated later this year."

Revenues for the first quarter of 2013 were $0.7 million compared with $11.3 million for the same period last year. The entire $10.6 million reduction in revenue is due to the successful completion of the sponsored research and development segments of the Company's license agreements with both AbbVie and Boehringer Ingelheim during 2012, as scheduled.

Research and development expenses increased to $10.3 million during the first quarter of 2013 from $9.4 million during the same pe
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SOURCE Neurocrine Biosciences, Inc.
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