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

external development spending decreased by $8.3 million for the same period.

General and administrative expenses were $3.0 million for the third quarter of 2009 and $3.5 million during the same period last year. For the nine months ended September 30, 2009, general and administrative expenses were $12.0 million, compared to $16.4 million for the same period in 2008. Personnel expenses decreased by $3.0 million in the first nine months of 2009 compared to the first nine months of 2008 primarily as a result of our restructuring program in the second quarter of 2009. Additionally, other non-personnel cost reductions have resulted in savings of approximately $1.2 million in the nine month period ending September 30, 2009 compared with the same period in the prior year.

The Company's balance sheet on September 30, 2009 reflected total assets of $75.9 million, including cash and investments of $63.7 million compared with balances at December 31, 2008 of $118.2 million and $101.5 million, respectively.

"We have made tremendous progress in our lead programs this past quarter," said Kevin C. Gorman, President and Chief Executive Officer. "After a very productive Type C meeting with the FDA, we rapidly launched our Daisy Petal study which is enrolling well. In addition, we've moved our VMAT-2 program into the clinic to determine if the ideal pharmacokinetic profile we have seen in animal models is achieved in humans."

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Elagolix Update

The Company held a Type C meeting with the Food and Drug Administration (FDA) in August to discuss the non-menstrual pelvic pain scale proposed by the FDA and used in the Lilac Petal Study (0702). Based on this meeting, the Company modified the wording of the non-menstrual pain daily scale and launched a new clinical trial, the Daisy Petal Study (0901). This double-blind placebo-controlled clinical trial is designed to provide an a
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SOURCE Neurocrine Biosciences, Inc.
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