Neurocrine Biosciences

Neurocrine Biosciences nasdaq: NBIX is a biopharmaceutical company founded in 1992 and located in San Diego, California. The company tooks its name from the original focus on therapies for neurological and endocrine diseases and disorders.

The company endured a significant setback on May 16, 2006 when the Food and Drug Administration (FDA) denied approval for the 15-milligram dose of Indiplon, a medication to treat insomnia. Neurocrine had developed the drug and was seeking to market it with partner, Pfizer. Announcement of the setback led to a 62% drop in stock price. Subsequent disclosures related to attempts to overcome this major set-back caused a further drop in the stock by 30% in November of 2006.

Lacking approval for Indiplon, the company laid off a 200-member sales force in July, 2006  and 100 employees across all areas of the company on August 7th 2006.