SAN DIEGO, Sept. 27 /PRNewswire-FirstCall/ -- Neurocrine Biosciences, Inc. announced today that all options tendered for exchange and amendment under Neurocrine’s Offer to Exchange Certain Outstanding Options to Purchase Common Stock Under the 2003 Incentive Stock Plan, As Amended, And Amend Certain Outstanding Options to Purchase Common Stock Under the 1992 Incentive Stock Plan, As Amended and 2001 Stock Option Plan, As Amended (the “Exchange Offer”), were in fact accepted pursuant to the offer. The expiration period of the offering period was September 25, 2006. The new and amended options were exchanged and amended on September 26, 2006, will vest over three years and have an exercise price equal to the closing price of Neurocrine’s Common Stock on the NASDAQ National Market on September 26, 2006 of $10.90. The number of shares of common stock subject to the new and amended options were equal to one half of the number of shares exchanged or amended.
The program specifically excluded members of the Board of Directors and the senior management team. The program is intended to retain, motivate and align the interests of Neurocrine employees and consultants with that of Neurocrine shareholders.
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, 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 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. Other risks are 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.
Neurocrine Biosciences, Inc.
CONTACT: Elizabeth Foster or Claudia Woodworth, +1-858-617-7600, both ofNeurocrine Biosciences, Inc.
Web site: http://www.neurocrine.com//
