Neurocrine signs financing deal worth up to $75M

Neurocrine Biosciences signs financing deal worth up to $75 million over 3 years

• On 5:41 pm EDT, Tuesday September 15, 2009

SAN DIEGO (AP) -- Neurocrine Biosciences Inc. said Tuesday it could receive up to $75 million over a three-year period under terms of an investment deal with private investment firm Kingsbridge Capital Limited.

Kingsbridge would provide the capital by purchasing newly-issued shares of Neurocrine common stock.

Under the deal, the funds that can be raised over the three-year term will depend on the current price for Neurocrine's stock and the number of shares actually sold, which won't exceed about 8 million shares.

Neurocrine is not obligated to use any of the $75 million available under the deal.

Shares of Neurocrine rose 37 cents, or 12 percent, to $3.50 in after-hours trading, after falling 6 cents to close at $3.13.