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Neurocrine Biosciences Reports Third Quarter 2008 Results
Date:10/28/2008

SAN DIEGO, Calif., Oct. 28 /PRNewswire-FirstCall/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced its financial results for the quarter ended September 30, 2008. For the third quarter of 2008, the Company reported a net loss of $17.7 million, or $(0.46) per share compared with a net loss of $27.2 million, or $(0.72) per share, for the same period in 2007. For the nine months, the Company reported a net loss of $59.8 million, or $(1.56) per share, as compared to $79.3 million, or $(2.09) per share, for the same period last year.

Revenues for the third quarter of 2008 were $0.8 million compared with $0.5 million for the same period last year. Revenues for the nine months ended September 30, 2008 were $3.2 million, compared with $0.7 million for the same period in 2007. The increase in revenues is primarily due to revenues recognized in 2008 under collaboration agreements with GlaxoSmithKline (GSK) and Dainippon Sumitomo Pharma Co., Ltd.

Research and development expenses decreased to $13.0 million during the third quarter of 2008 compared with $19.8 million for the same period in 2007. For the nine months ended September 30, 2008, research and development expenses were $43.4 million, compared to $57.6 million for the same period last year. The decrease in research and development expenses is primarily due to cost savings related to our restructuring in the fourth quarter of 2007.

General and administrative expenses were $3.5 million for the third quarter of 2008 and $9.6 million during the same period last year. For the nine months ended September 30, 2008, general and administrative expenses were $16.4 million, compared to $26.7 million for the first nine months of 2007. The reduction in general and admin
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