Neurocrine Announces Work Force Restructuring
SAN DIEGO, December 13, 2007 /PRNewswire-FirstCall/ -- Neurocrine Biosciences, Inc. announced today staff reductions of approximately 130 employees at its San Diego campus, as a part of its restructuring program to prioritize its research and development programs and associated costs and expenses after the setback on indiplon. Following these reductions, Neurocrine will have approximately 120 employees.
"It is with great disappointment that we have to make this difficult decision that will have such an effect on so many of our employees and their families. We are greatly saddened to move in this direction after our employees have continually demonstrated only the highest level of dedication and commitment. However, in order to meet our goals on other high priority programs, we have to refocus our resources as quickly as possible. I want to sincerely thank the departing employees for their tremendous efforts and wish them great success in the future," said Gary Lyons President & CEO. "We will maintain our focus on determining the path forward with indiplon after interactions with the FDA, and our efforts on GnRH, as we move expeditiously toward partnering this program. We will also continue with focused research and development efforts aimed at treating diseases of the central nervous and endocrine systems. We intend to continue to conservatively manage our cash resources and review collaborative alternatives to fund the advancement of our pipeline."
The Company is preparing a formal meeting request to the FDA to discuss the 2007 Approvable Letter. We have notified FDA that we would be submitting this formal request.
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 insomnia, anxiety, depression, diabetes, irritable bowel syndrome, and CNS related disorders. Neurocrine Biosciences, Inc. news releases are available through the Company's website via the Internet at http://www.neurocrine.com.
In addition to historical facts, this press release may contain forward-looking statements that involve a number of risks and uncertainties relating to Neurocrine's indiplon program that could cause actual results to differ materially from those indicated in the forward-looking statements. Specifically, the risks and uncertainties the Company faces with respect to its indiplon program include, but are not limited to; risk that the Company will not be able to address issues and or requests set forth in the December 12, 2007 indiplon capsule action letter from the FDA in a timely manner if at all; risk that the Company will not be able to address issues and or requests set forth in the December 12, 2007 indiplon capsule action letter from the FDA in a manner acceptable to the FDA if at all; the risk that FDA may reject any future indiplon regulatory filings or find them incomplete or insufficient; and risk that indiplon approval and subsequent commercialization may be significantly or indefinitely delayed. In addition, the Company faces risks and uncertainties with respect to the Company's GnRH receptor antagonist program including risk that the GnRH receptor antagonist clinical candidates will not proceed to later stage clinical trials; risk relating to the Company's dependence on contract manufacturers for clinical drug supply; risks associated with the Company's dependence on corporate collaborators for commercial manufacturing and marketing and sales activities; uncertainties relating to patent protection and intellectual property rights of third parties; risks and uncertainties relating to competitive products and technological changes that may limit demand for the Company's products; risk that the Company will be unable to raise additional funding required to complete development of all of its product candidates; and the other risks described in the Company's report on Form 10-K for the year ended December 31, 2006 and the Company's report on Form 10-Q for the quarter ended September 30, 2007. Neurocrine undertakes no obligation to update the statements contained in this press release after the date hereof.
CONTACT: Elizabeth Foster of Neurocrine, +1-858-617-7600
Web site: http://www.neurocrine.com/
Ticker Symbol: (NASDAQ-NMS:NBIX)
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Posted: December 2007