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

istrative expenses is primarily due to cost savings related to recent restructurings.

The Company's balance sheet on September 30, 2008 reflected total assets of $207.7 million, including cash and investments of $118.2 million compared with balances at December 31, 2007 of $276.7 million and $179.4 million, respectively. The Company expects to end 2008 with approximately $100 million in cash and investments.

"We are pleased with the progress of our GnRH program, especially the recent positive results of our 603 study where once a day elagolix showed profound efficacy with minimal impact on bone mineral density. We are also nearing completion of the final preclinical studies of urocortin 2 to allow for long-term Phase II clinical studies and our scientists have just recently identified a clinical candidate from our VMAT2 development program for movement disorders," said Kevin Gorman, Chief Executive Officer and President of Neurocrine Biosciences. "While we are making great strides in advancing our pipeline, we continue to prioritize expenditures and diligently manage our cash burn."

R & D Pipeline Update

Neurocrine's clinical development group and corporate partners have five programs in clinical development. Neurocrine scientists continue to supply Neurocrine's pipeline to meet the Company-wide goal of bringing one new compound into development each year.

Elagolix for Endometriosis

The Company recently announced the positive safety and efficacy results from the completed 6-month treatment phase of its Phase IIb clinical trial (PETAL Study) using its proprietary, orally-active nonpeptide Gonadotropin-Releasing Hormone (GnRH) receptor antagonist, elagolix.

The primary endpoint, percent change from baseline in mean bone mineral density (BMD) demonstrated elagolix did not induce significant bone loss over the six month treatment period. Additionally, elagolix also met the secondary endpoints of improvement in endometrios
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SOURCE Neurocrine Biosciences, Inc.
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