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UPDATE 1-Neurocrine Biosciences gets funding of up to $75 mln

Tue Sep 15, 2009 5:35pm EDT

Stocks

   

* Says Kingsbridge Capital to provide up to $75 mln

* Shares rise 12 pct

Sept 15 (Reuters) - Neurocrine Biosciences Inc (NBIX.O) said private investment group Kingsbridge Capital Ltd will provide up to $75 million of capital during the next three years through the purchase of newly issued shares of the biopharmaceutical company.

Shares of Neurocrine rose 12 percent to $3.50 in trading after the bell. They closed at $3.13 Tuesday on Nasdaq.

Neurocrine said it has access to capital at its discretion, and the deal does not impose any restrictions on its operating activities or capital-raising alternatives, other than similar committed equity financing facility (CEFF).

The company is not obligated to utilize any of the $75 million available under the CEFF, and there are no minimum commitments or minimum use penalties, Neurocrine said. For the alerts double-click [ID:nWNAB9893] (Reporting by Anand Basu in Bangalore; Editing by Deepak Kannan)



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