SAN DIEGO, Nov. 20, 2017 /PRNewswire/ -- Neurocrine Biosciences, Inc. (NASDAQ: NBIX), a biotechnology company focused on neurological and endocrine related disorders, today announced that Matt Abernethy is joining the executive management team as Chief Financial Officer (CFO).
"We are very pleased to welcome Matt Abernethy to the Neurocrine team as our Chief Financial Officer," said Kevin Gorman, Ph.D., Chief Executive Officer of Neurocrine Biosciences. "Matt's strong background in commercial finance and investor relations will be vital to Neurocrine as we continue to execute on our commercialization and clinical plans in support of our commitment to relieve patient suffering and enhance lives."
Abernethy has nearly 15 years of experience in the financial sector and investor relations with expertise in the healthcare industry. He joins Neurocrine from Zimmer Biomet, where he held various positions over the past nine years including Vice President, Investor Relations and Treasurer and Vice President of Finance for the Americas and Global Product Engines. Abernethy earned bachelor's degrees in Accounting and Business Administration from Grace College and an MBA from the University of Chicago. He began his career with KPMG LLP and is a certified public accountant.
In December 2016, Neurocrine announced plans for Timothy P. Coughlin to step down as the Chief Financial Officer in 2017. Coughlin has remained with Neurocrine through this transition period and will continue with the Company into 2018 to facilitate a smooth transition.
Neurocrine also announced the grant of an inducement award to Abernethy pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules. In connection with his employment by Neurocrine, Abernethy will be granted an inducement award consisting of a stock option to purchase 60,000 shares of Neurocrine common stock. The stock option will vest over a period of four years, with 25% vesting on the first anniversary of its grant date and the balance vesting each month over the remaining three years. Abernethy also received 12,500 restricted stock units which vest in equal increments over four years, with 25% vesting each year. These awards are subject to the terms and conditions of Neurocrine's Inducement Plan, and will be effective on December 1, 2017, which is the first day of the first calendar month following the commencement of Abernethy's employment with Neurocrine. The stock option grant will have an exercise price equal to the closing price of Neurocrine's common stock on the NASDAQ Global Select Market on that date. These awards were granted as an inducement material to Abernethy's employment pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules.
About Neurocrine Biosciences, Inc.
Neurocrine Biosciences is a San Diego based biotechnology company focused on neurologic, psychiatric and endocrine related disorders. The Company markets INGREZZA® (valbenazine) capsules in the United States for the treatment of adults with tardive dyskinesia. INGREZZA is a novel, selective vesicular monoamine transporter 2 (VMAT2) inhibitor, and is the first FDA approved product indicated for the treatment of adults with tardive dyskinesia. The Company's three late-stage clinical programs are: elagolix, a gonadotropin-releasing hormone antagonist for women's health that is partnered with AbbVie Inc.; opicapone, a novel, once-daily, peripherally-acting, highly-selective catechol-o-methyltransferase inhibitor under investigation as adjunct therapy to levodopa in Parkinson's patients; and INGREZZA, a novel, once-daily, selective VMAT2 inhibitor under investigation for the treatment of Tourette syndrome.
Neurocrine Biosciences, Inc. news releases are available through the Company's website via the internet at http://www.neurocrine.com.
In addition to historical facts, this press release contains forward-looking statements that involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are: risks and uncertainties associated with Neurocrine's business and finances in general as well as risks and uncertainties associated with the commercialization of INGREZZA; risks and uncertainties relating to competitive products and technological changes that may limit demand for INGREZZA; risks associated with the Company's dependence on third parties for development and manufacturing activities related to INGREZZA and the ability of the Company to manage these third parties; risks that the FDA or other regulatory authorities may make adverse decisions regarding INGREZZA; risks that INGREZZA clinical trials may not be predictive of real-world results or of results in subsequent clinical trials; risks that INGREZZA may be alleged to infringe upon the proprietary rights of third parties, or have unintended side effects, adverse reactions or incidents of misuse; and other risks described in the Company's periodic reports filed with the Securities and Exchange Commission, including without limitation the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2017. The Company disclaims any obligation to update the statements contained in this press release after the date hereof.
SOURCE Neurocrine Biosciences, Inc.