Neurocrine Biosciences, Inc. Announces $42 Million Private Placement
SAN DIEGO, Dec. 23 /PRNewswire/ --
Neurocrine Biosciences, Inc. (Nasdaq: NBIX) announced today that it has
entered into definitive purchase agreements for the sale of 2.3 million shares
of newly issued Common Stock to five selected institutional investors for
$42.0 million. The purchase price is $18.00 per share. The shares of Common
Stock have not been registered under the Securities Act of 1933, as amended,
and may not be offered or sold in the United States absent registration or an
applicable exemption from registration. FleetBoston Robertson Stephens,
Deutsche Bank Alex Brown and Prudential Vector Securities, Inc. served as the
placement agents for this transaction.
The Company intends to use net proceeds from this private placement for
preclinical and clinical development of the Company's product candidates,
working capital and general corporate purposes.
Neurocrine Biosciences is a leading neuroscience company focused on the
discovery and development of novel therapeutics for neuropsychiatry,
neuroinflammatory and neurodegenerative diseases and disorders. The Company's
neuroscience, endocrine and immunology disciplines provide a unique biological
understanding of the molecular interaction between central nervous, immune and
endocrine systems for the development of therapeutic interventions for
anxiety, depression, Alzheimer's disease, insomnia, stroke, malignant brain
tumors, multiple sclerosis, obesity and diabetes.
Neurocrine Biosciences, Inc. news releases are available free of charge
through PR Newswire's Company News On-Call fax service. For a menu of
Neurocrine's previous releases, or to receive a specific release via fax call:
(800) 758-5804, ext. 604138, or use the Internet via
prnewswire.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 research and development programs and business
and finances including, but not limited to, risks and uncertainties associated
with, or arising out of, drug discovery, pre-clinical and clinical development
of products including risk that research may not generate development
candidates, development candidates will not successfully proceed through early
clinical trials or that in later stage clinical trials will not show that they
are effective in treating humans; determinations by regulatory and
governmental authorities; changes in relationships with strategic partners and
dependence upon strategic partners for performance of clinical and
commercialization activities under collaborative agreements including
potential for any collaboration agreement to be terminated without any product
success; uncertainties relating to patent protection and intellectual property
rights of third parties; impact of competitive products and technological
changes; availability of capital and cost of capital; and other material
risks. A more complete description of these risks can be found in the
Company's Form 10K for the year ended December 31, 1998 and the current form
10Q each of which should be read before making any investment in Neurocrine
common stock. Neurocrine undertakes no obligation to update the statements
contained in this press release after the date hereof.
CONTACT: Claudia Jones or Paul Hawran of Neurocrine Biosciences,
Inc., 858-658-7600 |
