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Biotech / Medical : Biotech Restructurings

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To: idos who wrote (248)	5/6/2009 5:28:53 PM
From: keokalani'nui	of 270

NBIX -50% SAN DIEGO, May 5 /PRNewswire-FirstCall/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX - News) 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."

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