Neurocrine Biosciences Signs Financing Deal Worth up to $75M
Wed, 09/16/2009 - 4:57am
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.