Neurocrine's 1st-qtr loss down to $21.1M

The USA's Neurocrine Biosciences' first-quarter 2008 net loss amounted to $21.1 million, or $0.55 per share, compared with a deficit of $25.7 million, or $0.68 per share, for the same period in 2007.

Revenues for the period were $1.8 million versus $0.1 million due to those recognized in 2008 under collaboration agreements with UK drug major GlaxoSmithKline and Japan's Dainippon Sumitomo Pharma. The company recognized $1.0 million in milestone revenue from GSK for clinical advancements relating to the company's corticotrophin-releasing factor drug candidate and $700,000 in license fee revenue from DSP for Japanese rights to insomnia drug indiplon.

R&D costs decreased to $14.2 million from $19.1 million due to savings related to the firm's fourth-quarter 2007 restructuring. At the end of last year, the US regulator issued an "approvable letter" requesting additional preclinical and clinical data confirming the effectiveness of indiplon. The news, which followed re-submission of data from trials of 5mg and 10mg doses of the product, caused the firm's share price to plummet 45% (Marketletter December 24, 2007).