Neurocrine shares sink on news of indiplon delay

Shares of Neurocrine Biosciences took a nasty hit after the company announced that it would delay a resubmission of its FDA application for the sleep drug indiplon while reporting third quarter losses. Neurocrine now plans to focus on a resubmission of its low-dose version of indiplon after a new three month safety and efficacy study and will delay a resubmission of its high-dose version until the summer of 2008. Neurocrine had said it would resubmit the drug by the end of the first half of next year. Neurocrine reported a third-quarter loss of $39 million which was triggered after Pfizer pulled out of its collaboration on indiplon following the FDA's rejection of the high-dose version of the sleep drug.

- see the release on Neurocrine's move