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Neurocrine Biosciences Reports Third Quarter 2009 Results
Date:10/28/2009

SAN DIEGO, Oct. 28 /PRNewswire-FirstCall/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced its financial results for the quarter ended September 30, 2009. For the third quarter of 2009, the Company reported a net loss of $8.2 million, or $0.21 per share, compared with a net loss of $17.7 million, or $0.46 per share, for the same period in 2008. For the nine months ended September 30, 2009, the Company reported a net loss of $43.1 million, or $1.11 per share, as compared to $59.8 million, or $1.56 per share, for the same period last year.

Revenues for the third quarter of 2009 were $0.7 million, compared with $0.8 million for the same period last year. Revenues for the nine months ended September 30, 2009 were $2.2 million, compared with $3.2 million for the same period in 2008. The decrease in revenues is primarily due to milestones recognized in 2008 under our collaboration agreement with GlaxoSmithKline related to the clinical advancements of our CRF program. During both nine month periods ending September 30, 2009 and 2008, we recognized $2.2 million in revenue under our collaboration agreement for indiplon with Dainippon Sumitomo Pharma Co. Ltd. from amortization of up-front licensing fees.

Research and development expenses decreased to $7.4 million during the third quarter of 2009 compared with $13.0 million for the same period in 2008. For the nine months ended September 30, 2009, research and development expenses were $29.1 million, compared to $43.4 million for the same period last year. The decrease in research and development expenses is primarily due to cost savings from our recent restructuring and decreasing external clinical development expenses related to the elagolix program. Personnel costs decreased in the first nine months of 2009 by $3.0 million compared with the first nine months of 2008 and
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