Neurocrine Biosciences, Inc. Lays Off Field Sales Force

SAN DIEGO, July 26 /PRNewswire-FirstCall/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX - News) announced today the Company has determined that the Neurocrine sales force cannot be productively deployed this year, and as a result, has released the field sales organization. Neurocrine will incur a one time charge of approximately $5.9 million relating to termination of the sales force, eliminating ongoing 2006 sales force expenses by approximately $16 million.

"We have always been proud of our commitment to our employees and their families and are disappointed that events have led us to take these steps. Despite our best efforts, we have not been successful in acquiring a product which our sales force could promote. We believe that we assembled a group of highly motivated, committed professionals and we wish that our paths will cross again," said Gary Lyons, President & CEO of Neurocrine Biosciences.

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 are subject to risks and uncertainties associated with Neurocrine's business and finances as more completely described in the Company's report on Form 10-K for the year ended December 31, 2005 and the Company's report on Form 10-Q for the quarter ended June 30, 2006. Neurocrine undertakes no obligation to update the statements contained in this press release after the date hereof.

Source: Neurocrine Biosciences, Inc.