Navigation Links
Neurocrine Biosciences Secures Committed Equity Financing Facility
Date:9/15/2009

SAN DIEGO, Sept. 15 /PRNewswire-FirstCall/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) announced today that the Company has entered into a Committed Equity Financing Facility (CEFF) with Kingsbridge Capital Limited, a private investment group. Under the terms of the agreement, Kingsbridge has committed to provide up to $75 million of capital during the next three years, at Neurocrine's discretion, through the purchase of newly-issued shares of Neurocrine common stock.

"This new CEFF augments our strong cash position and may be utilized by us to strategically access capital," said Timothy P. Coughlin, Vice President and Chief Financial Officer of Neurocrine Biosciences. "If we choose to draw on the CEFF, be assured we will do so judiciously. The attractive terms and complete control of this vehicle were the key features of our decision to add this program to our capital structure. Our CEFF also represents a departure from the typical structure of Kingsbridge CEFF agreements, as it has no warrant coverage."

Under the terms of the CEFF, Neurocrine has access, at its discretion, to up to $75 million in capital from Kingsbridge through the sale of newly-issued shares of Neurocrine's common stock. The funds that can be raised under the CEFF over the three-year term will depend on the then-current price for Neurocrine's stock and the number of shares actually sold, which may not exceed an aggregate of approximately 8 million shares. Neurocrine is not obligated to utilize any of the $75 million available under the CEFF and there are no minimum commitments or minimum use penalties.

Neurocrine may access capital under the CEFF in tranches up to a maximum of 2.75 percent of its market capitalization at the time of the draw-down of each tranche, subject to certain conditions, including a minimum share price threshold and the requirement that no individual tranche exceed $15 million. Kingsbridge may purchase shares of common stock pursuant to the CEFF at discounts ranging from 5 to 10 percent, depending on the average market price of Neurocrine's common stock during the applicable pricing period.

The CEFF does not impose any restrictions on Neurocrine's operating activities or capital raising alternatives, other than with respect to financings similar to the CEFF. During the term of the CEFF, Kingsbridge is prohibited from engaging in any short selling or derivative transactions related to Neurocrine's common stock.

The securities issuable pursuant to the CEFF have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration under the Securities Act of 1933 and applicable state securities laws or available exemptions from registration requirements. Neurocrine has agreed to file a registration statement with respect to the resale of shares issued pursuant to the CEFF within 60 days of the date of the CEFF agreement.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. Any offering of Neurocrine's common stock under the registration statement referred to above will be made only by means of a prospectus.

Neurocrine Biosciences, Inc. is a biopharmaceutical company focused on neurological and endocrine diseases and disorders. Our product candidates address some of the largest pharmaceutical markets in the world including endometriosis, anxiety, depression, pain, diabetes, benign prostatic hyperplasia (BPH), irritable bowel syndrome (IBS) and other neurological and endocrine related diseases and disorders. Neurocrine Biosciences, Inc. news releases are available through the Company's website via the internet at http://www.neurocrine.com


'/>"/>
SOURCE Neurocrine Biosciences, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Neurocrine Biosciences to Present at the BioCentury: Newsmakers in the Biotech Industry Conference
2. Neurocrine Biosciences to Present at the Thomas Weisel Partners Healthcare Conference
3. Neurocrine Biosciences to Present at the Bear Stearns Healthcare Conference
4. Neurocrine Biosciences to Present at the A.G. Edwards Annual Emerging Growth Conference
5. Neurocrine Biosciences to Present at the UBS Global Life Sciences Conference
6. Neurocrine Biosciences Announces Conference Call and Webcast to Present Third Quarter 2007 Financial Results
7. Neurocrine Biosciences and Dainippon Sumitomo Pharma (DSP) Announce Agreement to Develop and Commercialize Indiplon in Japan
8. Neurocrine Biosciences Announces Conference Call and Webcast to Provide Indiplon Update
9. Neurocrine Receives Approvable Letter for Indiplon Capsules with Additional Safety and Efficacy Data Required by FDA
10. Neurocrine Announces Work Force Restructuring
11. Neurocrine Announces Appointment of Kevin Gorman, Ph.D., as President and Chief Executive Officer
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/9/2017)... ... October 09, 2017 , ... At its national board meeting in North ... in Harvard University’s Departments of Physics and Astronomy, has been selected for membership in ... winning team for the 2015 Breakthrough Prize in Fundamental physics for the discovery of ...
(Date:10/9/2017)... San Antonio, Texas (PRWEB) , ... ... ... a new study published on October 5, 2017, in the medical journal, ... demonstrated equivalence with the gold standard, video EEG, in detecting generalized tonic-clonic ...
(Date:10/7/2017)... , ... October 06, 2017 ... ... in Hi-C-based genomic technologies, launched its ProxiMeta™ Hi-C metagenome deconvolution product, featuring ... kit and accompanying cloud-based bioinformatics software to perform Hi-C metagenome deconvolution using ...
(Date:10/6/2017)... Mass. (PRWEB) , ... October 06, 2017 , ... ... female entrepreneurship within the healthcare and technology sector at their fourth annual Conference ... panels featuring 30 inspiring speakers and the ELEVATE pitch competition showcasing early stage ...
Breaking Biology Technology:
(Date:4/19/2017)... , April 19, 2017 The ... vendor landscape is marked by the presence of several ... however held by five major players - 3M Cogent, ... companies accounted for nearly 61% of the global military ... companies in the global military biometrics market boast global ...
(Date:4/17/2017)... NXT-ID, Inc. (NASDAQ: NXTD ) ("NXT-ID" or the ... Annual Report on Form 10-K on Thursday April 13, 2017 with ... ... Relations section of the Company,s website at http://www.nxt-id.com  under "SEC ... . 2016 Year Highlights: Acquisition ...
(Date:4/13/2017)... -- According to a new market research report "Consumer IAM ... and Authorization), Service, Authentication Type, Deployment Mode, Vertical, and Region - Global ... grow from USD 14.30 Billion in 2017 to USD 31.75 Billion by ... ... MarketsandMarkets Logo ...
Breaking Biology News(10 mins):