SAN DIEGO, March 16 /PRNewswire-FirstCall/ -- Neurocrine Biosciences, Inc. today announced that the underwriter of its recently completed public offering of common stock has exercised in full its option to purchase an additional 1,365,000 shares of common stock to cover over-allotments. The sale of the additional shares closed on March 16, 2010. When taking into account the sale of the additional shares at a price to the public of $2.20 per share, the aggregate gross proceeds from both closings of the offering, before underwriting discounts and commissions and other offering expenses, were approximately $23 million.
Neurocrine anticipates using the net proceeds from the offering to fund its research and development efforts, and for general corporate purposes, including working capital.
About Neurocrine Biosciences
In addition to historical facts, this press release contains forward-looking statements that involve a number of risks and uncertainties such as those, among others, relating to Neurocrine's expectations regarding the completion, timing and size of its proposed public offering. 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 market conditions and the satisfaction of customary closing conditions related to the proposed offering, as well as risks and uncertainties associated with Neurocrine's business and finances in general, and the other risks described in Neurocrine's annual report on Form 10-K for the year ended December 31, 2009. Neurocrine undertakes no obligation to update the statements contained in this press release after the date hereof.
CONTACT: Jane Sorensen of Neurocrine Biosciences, Inc., +1-858-617-7600
Web site: http://www.neurocrine.com/
