Lerach Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit Against Neurocrine Biosciences, Inc.

Lerach Coughlin Stoia Geller Rudman & Robbins LLP ("Lerach Coughlin”) (http://www.lerachlaw.com/cases/neurocrine/) today announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the Southern District of California on behalf of purchasers of Neurocrine Biosciences, Inc. ("Neurocrine”) (NASDAQ:NBIX) common stock during the period between June 20, 2002 and June 23, 2006 (the "Class Period”). If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Lerach Coughlin at 800-449-4900 or 619-231-1058, or via e-mail at wsl@lerachlaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.lerachlaw.com/cases/neurocrine/. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. The complaint charges Neurocrine and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Neurocrine engages in the discovery and development of drugs for the treatment of neurological and endocrine-related diseases and disorders in the United States. During the Class Period, Neurocrine’s primary business was focused on completing the development and commercialization of Indiplon, a drug defendants claimed could be used for the treatment of insomnia. The complaint alleges that throughout the Class Period, defendants violated the federal securities laws by disseminating false and misleading statements to the investing public and concealing negative information, making it impossible for shareholders to gain a meaningful or realistic understanding of the progress toward FDA approval and the potential for market success of the Company’s commercially viable 15 mg modified release formulation of Indiplon. As a result of defendants’ false statements, Neurocrine stock traded at inflated levels during the Class Period, during which time the defendants arranged to sell and actually sold $198.7 million worth of shares via a secondary offering of Neurocrine stock and the Company’s top officers and directors were able to reap more than $26 million in insider trading proceeds. On May 16, 2006, the Company announced that it had received communication from the FDA indicating that the agency had determined that the 15 mg modified release formulation of Indiplon was not approvable at that time. The Company’s shares fell $33.87 or 62% to $20.76 per share. Then on June 16, 2006, the Company’s shares tumbled another 20% after the Company announced that federal health regulators may require additional clinical tests for Indiplon. And finally on June 22, 2006, the Company announced Pfizer had terminated the companies’ collaboration agreement for the development and marketing of Indiplon. Neurocrine shares dropped to a low of $8.61 per share before closing at $9.85 per share on June 23, 2006. In total, the Company’s shares had tumbled 86% from a Class Period high of $71.62 three months earlier. Plaintiff seeks to recover damages on behalf of all purchasers of Neurocrine common stock during the Class Period (the "Class”). The plaintiff is represented by Lerach Coughlin, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud. Lerach Coughlin, a 180-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Houston, Philadelphia and Seattle, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. Lerach Coughlin lawyers have been responsible for more than $45 billion in aggregate recoveries. The Lerach Coughlin Web site (http://www.lerachlaw.com) has more information about the firm.