SAN DIEGO, April 30, 2014 /PRNewswire/ -- Neurocrine
Biosciences, Inc. (NASDAQ:NBIX) today announced its financial
results for the quarter ended March
31, 2014. For the first quarter of 2014, the Company
reported a net loss of $11.8 million,
or $0.17 loss per share, compared to
a net loss of $12.1 million, or
$0.18 loss per share, for the same
period in 2013.
The Company's balance sheet at March 31,
2014 reflected cash, cash equivalents, investments and
receivables of $272.3 million
compared to $146.8 million at
December 31, 2013. During the
quarter, the Company completed a public offering of eight million
shares of common stock that resulted in net proceeds of
approximately $133 million.
"The capital raise during the first quarter greatly strengthened
our financial position, providing us with the funding to move
NBI-98854 aggressively into Tourette syndrome and to ultimately
advance our other research programs into the clinic," said
Kevin Gorman, Ph.D., President and
Chief Executive Officer of Neurocrine Biosciences. "We are
currently awaiting our End-of-Phase-II meeting with the FDA for
tardive dyskinesia while actively preparing for the subsequent
Phase III studies. Additionally, AbbVie has recently completed
patient screening for the first of the two elagolix Phase III
endometriosis studies."
Research and development expenses decreased to $8.6 million during the first quarter of 2014
from $10.3 million during the same
period in 2013. This decrease was due to lower external clinical
development expenses related to the Company's VMAT2 inhibitor,
NBI-98854, which substantially completed Phase II development in
late 2013 and is currently preparing for Phase III development.
General and administrative expenses increased from $3.4 million in the first quarter of 2013 to
$4.2 million for the first quarter of
2014, primarily due to higher share-based compensation expense.
Updated 2014 Financial Guidance
As a result of the recent capital raise the Company is updating
its financial guidance for 2014. Consistent with prior guidance,
the Company expects to have a net cash burn from operations of
approximately $43 million to $47
million in 2014, with expenses for 2014 approximating
$60 million to $64 million. The
Company continues to expect a net loss for 2014 of $56 million to $61 million; however the expected
net loss per share will decrease to $0.75 to
$0.81 loss per share based on approximately 75 million basic
shares outstanding. Additionally, the Company now expects to
end 2014 with approximately $230
million in cash, investments and receivables.
Pipeline Highlights
Elagolix Update
AbbVie is currently conducting the Violet Petal Study, a Phase
III study of elagolix for endometriosis. The study is a
24-week, multinational, randomized, double-blind,
placebo-controlled study designed to evaluate the safety and
efficacy of elagolix in 875 women, age 18 to 49, with moderate to
severe endometriosis-associated pain. Approximately 160 sites
in the United States, Puerto Rico and Canada are conducting this study. This
study recently completed recruiting and screening of subjects and
final patient randomization is anticipated later this month.
AbbVie has also initiated the second Phase III study of elagolix
for endometriosis, the Solstice Study. This study is similar
in design to the Violet Petal Study and will assess 788 women, age
18 to 49, with moderate to severe endometriosis-associated pain at
more than 200 sites globally.
AbbVie is also currently conducting a Phase IIb study of
elagolix in uterine fibroids. This study is assessing uterine
blood loss in 520 women with heavy uterine bleeding due to uterine
fibroids.
VMAT2 Update
The Company has requested an End-of-Phase-II meeting with the
FDA for NBI-98854 in tardive dyskinesia. The Company will submit a
meeting briefing package, along with a proposed Phase III protocol,
to the FDA this month. This End-of-Phase-II meeting is
expected to occur in June 2014.
Upon completion of this meeting, the Company anticipates
initiating the pivotal Phase III program of NBI-98854 during the
second half of 2014. The Company is currently identifying and
qualifying investigator sites for the Phase III program, as well as
preparing drug product, aligning support vendors, and finalizing
the plans for patient recruitment.
Additionally, the Company has completed appropriate preclinical
studies to support the advancement of NBI-98854 into clinical
trials for individuals suffering from Tourette syndrome. The
Company is meeting with the FDA to discuss the proposed clinical
protocols and expects to open the investigational new drug
application for Tourette syndrome and commence the clinical program
in patients later this year.
Conference Call and Webcast Today at 5:00PM Eastern Time
Neurocrine will hold a
live conference call and webcast today at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). Participants can access
the live conference call by dialing 866-952-1908 (US) or
785-424-1827 (International) using the conference ID: NBIX. The
call can also be accessed via the webcast through the Company's
website at http://www.neurocrine.com.
If you are unable to attend the webcast and would like further
information on this announcement please contact the Investor
Relations Department at Neurocrine Biosciences at (858) 617-7600. A
replay of the conference call will be available approximately one
hour after the conclusion of the call by dialing 800-695-2533 (US)
or 402-530-9029 (International) using the conference ID: NBIX. The
call will be archived for one month.
Neurocrine Biosciences, Inc. discovers and develops innovative
and life-changing pharmaceuticals, in diseases with high unmet
medical needs, through its novel R&D platform, focused on
neurological and endocrine based diseases and disorders. The
Company's two lead late-stage clinical programs are elagolix, a
gonadotropin-releasing hormone antagonist for women's health that
is partnered with AbbVie Inc., and a wholly owned vesicular
monoamine transporter 2 inhibitor for the treatment of movement
disorders. Neurocrine intends to maintain certain commercial rights
to its VMAT2 inhibitor for evolution into a fully-integrated
pharmaceutical company.
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, as well as
risks and uncertainties associated with the Company's R & D
pipeline and Company overall. Specifically, the risks and
uncertainties the Company faces with respect to the Company's R
& D pipeline include risk that elagolix, the company's
lead clinical program, will fail to demonstrate that elagolix is
safe and effective; risk that elagolix Phase III clinical trials
will be delayed for regulatory or other reasons; and risks
associated with the Company's dependence on corporate collaborators
for Phase III development, commercial manufacturing and marketing
and sales activities. In addition, the Company faces risks and
uncertainties with respect to the rest of the Company's R & D
pipeline including risk that the Company's clinical candidates will
not be found to be safe and effective; risk that the Company's
VMAT2 clinical candidates will not proceed to later stage clinical
trials; and risk that the Company's research programs will not
identify pre-clinical candidates for further development. With
respect to its pipeline overall, the Company faces risk that it
will be unable to raise additional funding required to complete
development of all of its product candidates; 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; and the
other risks described in the Company's report on Form 10-K for the
year ended December 31, 2013.
Neurocrine undertakes no obligation to update the statements
contained in this press release after the date hereof.
NEUROCRINE
BIOSCIENCES, INC.
|
Condensed
Consolidated Statements of Operations
|
(in thousands,
except per share data)
|
|
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
|
|
2014
|
|
2013
|
|
|
|
(unaudited)
|
Revenues:
|
|
|
|
|
License
fees
|
$
-
|
|
$
730
|
|
|
Total
revenues
|
-
|
|
730
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
Research and
development
|
8,572
|
|
10,313
|
|
General and
administrative
|
4,153
|
|
3,392
|
|
|
Total operating
expenses
|
12,725
|
|
13,705
|
|
|
|
|
|
|
Loss from
operations
|
(12,725)
|
|
(12,975)
|
|
|
|
|
|
|
Other
income:
|
|
|
|
|
Interest and other
income
|
89
|
|
105
|
|
Gain on sale of
assets, net
|
794
|
|
795
|
Total other
income
|
883
|
|
900
|
|
|
|
|
Net loss
|
$ (11,842)
|
|
$ (12,075)
|
Net loss per common
share:
|
|
|
|
|
Basic and
Diluted
|
$
(0.17)
|
|
$
(0.18)
|
|
|
|
|
|
|
Shares used in the
calculation of net loss per common share:
|
|
|
|
|
Basic and
Diluted
|
70,260
|
|
66,600
|
|
|
|
|
|
|
NEUROCRINE
BIOSCIENCES, INC.
|
Condensed
Consolidated Balance Sheets
|
(in
thousands)
|
|
|
|
|
|
March 31,
|
|
December
31,
|
|
2014
|
|
2013
|
|
(unaudited)
|
Cash, cash
equivalents and short-term marketable securities
|
$219,862
|
|
$ 145,739
|
Other current
assets
|
1,873
|
|
2,723
|
|
Total current
assets
|
221,735
|
|
148,462
|
|
|
|
|
Property and
equipment, net
|
1,798
|
|
1,771
|
Long-term
investments
|
51,320
|
|
-
|
Restricted
cash
|
4,443
|
|
4,443
|
|
Total
assets
|
$279,296
|
|
$154,676
|
|
|
|
|
Current
liabilities
|
$10,608
|
|
$ 11,699
|
Long-term
liabilities
|
21,631
|
|
22,567
|
Stockholders'
equity
|
247,057
|
|
120,410
|
|
Total liabilities and
stockholders' equity
|
$279,296
|
|
$154,676
|
SOURCE Neurocrine Biosciences, Inc.