Neurocrine Biosciences to sell 4,784,689 shares of common stock to Venrock affiliates

Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today reported that it has entered into a privately negotiated transaction to sell an aggregate of 4,784,689 primary shares of its common stock to affiliates of Venrock at a price of $2.09 per share, raising aggregate gross proceeds to Neurocrine of approximately $10 million. Neurocrine expects the financing to close on or about December 22, 2009, subject to customary closing conditions.

A shelf registration statement relating to the shares of common stock to be issued in the offering has been filed with the Securities and Exchange Commission (the "SEC") and has been declared effective. A prospectus supplement relating to the offering will be filed with the SEC. Copies of the prospectus supplement and accompanying prospectus may be obtained directly from the Company by contacting Neurocrine Biosciences, 12780 El Camino Real, San Diego CA 92130 or through the SEC's electronic data system at www.sec.gov.