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EXHIBIT 99.1
PRESS RELEASE
Neurocrine Biosciences to Acquire Northwest Neurologic, Inc.
SAN DIEGO, March 3 /PRNewswire/ -- Neurocrine Biosciences announced today
the signing of a binding agreement to acquire Northwest Neurologic, Inc. (NNL),
a privately held neuroscience company. NNL and its founders have discovered and
characterized several members of the melanocortin receptor family and a number
of therapeutically important neurotransporter systems. Many of these core
technologies have been licensed to NNL from The Vollum Institute of the Oregon
Health Sciences University where NNL's founding scientists, Susan G. Amara,
Ph.D. and Roger D. Cone, Ph.D., are lead researchers. The NNL acquisition is
expected to provide Neurocrine with accelerated entry into melanocortin
receptors and neurotransmitter transporters which complements its existing
programs for the identification of drug targets for therapeutic treatment of
neuro-psychiatric and neurodegenerative diseases and disorders.
Melanocortin receptors are involved in the control of the endocrine,
autonomic and central nervous system function. To date, a family of five
melanocortin receptor subtypes have been identified, several of which have been
cloned by Dr. Cone's laboratory. One of the melanocortin receptor subtypes, MC4,
has recently been identified as an important regulating mechanism for appetite,
body weight and insulin secretion which represents a novel target for the
treatment of obesity, cachexia and diabetes. This acquisition is expected to
combine Dr. Cone's melanocortin receptor work with Neurocrine's expertise in
G-protein-coupled receptors and programs in obesity, anorexia nervosa and
diabetes. In addition, the melanocortin receptors may have important
implications in the treatment of other endocrine functions and brain disorders,
representing additional areas of Neurocrine's expertise.
Neurotransmitter transporters play a key role in regulating the actions of
neurotransmitters and consequently brain function. Dr. Amara's extensive work
with several important transporter systems includes the recent cloning of
multiple excitatory amino acid transporters. This provides novel mechanisms for
modulating glutamate concentrations in the brain which are elevated during
stroke, head trauma, retinal ischemia and neurodegeneration. The proposed
acquisition by Neurocrine of NNL is expected to allow for the rapid exploitation
of these important molecular targets for several neurological, endocrine and
metabolic diseases and disorders.
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NNL holds rights and patents to these technologies. In addition to its
proprietary drug discovery programs, NNL has established research collaborations
with pharmaceutical companies such as Wyeth-Ayerst, and Proctor and Gamble,
which are expected to continue after the merger.
"This acquisition represents an important step in Neurocrine's strategy to
accelerate entry into important neuroscience technologies as a source of targets
for new lead compounds for proprietary development or partnering opportunities,"
said Gary A. Lyons, president and chief executive officer of Neurocrine
Biosciences. "NNL brings with it superb scientists who are recognized leaders in
melanocortin and neurotransmitter transporters, strengthening Neurocrine's
franchise in neuroscience."
"Neurocrine brings world class small molecule drug development capabilities
together with the large number of molecular targets identified by NNL. This is
an ideal combination of two companies with a shared focus and complementary
expertise," stated Dr. Roger Cone, President and Founder of NNL.
The total consideration for NNL of $4.2MM will be paid through the issuance
of Neurocrine common shares. Under the agreement, NNL will continue to operate
in Portland, Oregon as a wholly owned subsidiary of Neurocrine Biosciences.
Consummation of the proposed acquisition is subject to customary closing
conditions, including approval of the NNL shareholders.
Neurocrine Biosciences is a leading neuroimmunology company focused on the
discovery and development of novel therapeutics to treat diseases and disorders
of the central nervous and immune system such as anxiety, depression,
Alzheimer's disease, obesity and multiple sclerosis.
Neurocrine Biosciences, Inc. news releases are available free of charge
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The statements in this press release that relate to the proposed acquisition
of NNL by the Company, the continuation of NNL's research collaborations, the
identification of drug targets and new lead compounds and the potential
development of commercial products are forward looking statements. Such forward
looking statements involve risks and uncertainties, including, without
limitation, that research funding and development will continue under NNL's
research collaborations, the NNL shareholders will approve the merger, NNL will
obtain the necessary third party consents and the other conditions to closing
will be met, that NNL's scientific and business operations will be successfully
integrated with Neurocrine in a timely manner consistent with Neurocrine's
objectives, that research and development candidates will successfully proceed
through pre-clinical and early stage clinical trials, that development
candidates will prove effective for treatment in humans in later stage clinical
trials, the timely receipt of
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regulatory clearances required for clinical testing, manufacturing and marketing
of products and the potential impact of competitive technologies and potential
products. For discussion of the other risks and uncertainties potentially
impacting the Company's business, see the Company's form 10-K constituting a
part thereof for the year ending December 31, 1996. Actual results and the
timing of certain events could differ materially from those indicated in the
forward looking statements as a result of these and other factors.
SOURCE Neurocrine Biosciences
CONTACT: Elizabeth Foster or Paul Hawran