Financing, Life Sciences, Drug Development

$75M Financing for Neurocrine

Bruce V. Bigelow 9/16/09

San Diego’s Neurocrine Biosciences (NASDAQ: NBIX says it has arranged $75 million in available financing under a three-year agreement with Kingsbridge Capital, a private investment group. Neurocrine, which is developing drugs for treating endometriosis, anxiety, diabetes, and other diseases, says it is not obligated to draw on any of the available financing. The agreement enables Neurocrine to sell shares of newly issued stock to Kingsbridge, which will pay a discount of 5 to 10 percent from the stock’s market price.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call 858-202-0492