Neurocrine Announces Work Force Restructuring
SAN DIEGO, May 05, 2009 /PRNewswire-FirstCall/ -- Neurocrine Biosciences, Inc. announced today staff reductions of approximately 60 employees, as a part of its restructuring program to focus the Company's efforts on its clinical programs and pre-clinical development leads. Following these reductions, Neurocrine will have approximately 60 employees.
"We are disappointed that we have to make this painful decision that will have such an effect on so many of our employees and their families. Our employees have always shown the highest level of commitment and displayed incredible passion for the efforts around drug discovery; however, in order to meet our clinical goals, we have to refocus our resources. I want to sincerely thank the departing employees for their efforts and loyalty, these are highly talented people and I am sure they are going to find continued success in their careers," said Kevin C. Gorman President & CEO. "We will maintain our efforts on elagolix, move our VMAT2 program into the clinic, and focus on the other high value assets. We continue to conservatively manage our cash resources while advancing our pipeline."
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
In addition to historical facts, this press release may contain forward-looking statements that involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with Neurocrine's business and finances in general and the other risks described in the Company's report on Form 10-K for the year ended December 31, 2008. Neurocrine undertakes no obligation to update the statements contained in this press release after the date hereof.
CONTACT: Neurocrine Biosciences Investor Relations, +1-858-617-7600
Web site: http://www.neurocrine.com/
Ticker Symbol: (NASDAQ-NMS:NBIX)
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Posted: May 2009
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