Stock Symbol: NBIX

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Business Description
Neurocrine Biosciences, Inc. discovers, develops and intends to commercialize drugs for the treatment of neurological and endocrine-related diseases and disorders. Neurocrine has 13 programs in various stages of research and development, including eight programs in clinical development. Its products under clinical development are indiplon for the treatment of insomnia; Gonadotropin-releasing hormone (GnRH) antagonist for the treatment of endometriosis and fibroids; altered peptide ligand for the treatment of multiple sclerosis and Type 1 diabetes; D2 receptor agonist for the treatment of male and female sexual dysfunction; Corticotropin-Releasing Factor (CRF) R1 antagonist for the treatment of anxiety, depression, gastrointestinal disorders; CRF R2 peptide agonist (Urocortin II) for the treatment of cardiovascular disoders, and Interleukin 4 (IL-4) fusion toxin for the treatment of solid tumors and malignant glioma.

Financial Information
For the nine months ended 9/30/04, revenues decreased 40% to $66.7 million. Net loss decreased 25% to $25.2 million. Revenues reflect a decrease in sponsored research and development revenues. Net loss reflects a decrease in research and development expenses due to the completion of programs.