The Securities Sleuth

DISCLOSURE PROBLEMS AT

NEUROCRINE BIOSCIENCES, INC.
(NASDAQ: NBIX)

JUNE 28, 2007

Neurocrine Biosciences, Inc. (NASDAQ: NBIX) engages in the discovery and development of drugs for the treatment of neurological and endocrine-related diseases and disorders in the United States. For many years, Neurocrine's primary business was focused on completing the development and commercialization of Indiplon, a drug the Company claimed could be used for the treatment of insomnia.

It is alleged that, for a period of years, investors were not provided with accurate information regarding Indiplon. Instead, the Company allegedly disseminated false and misleading statements to the investing public and concealed negative information, These actions by the Company made 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 these false statements, Neurocrine stock traded at inflated levels during the Class Period. It is alleged that while Neurocrine misled the public, the Company and some of its insiders profited very handsomely. Specifically, the Company 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.

Eventually, though, the true condition of the Company would be revealed. In a five week period starting in May 2006, the Company made a series of shocking revelations. First, 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 market reacted strongly. The Company's shares fell $33.87 or 62% to $20.76 per share.

More bad news would follow. 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. Finally, on June 22, 2006, the Company announced Pfizer had terminated the companies' collaboration agreement for the development and marketing of Indiplon. Neurocrine stock once again stumbled on this news and Neurocrine shares closed 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.

Investors who purchased NBIX between June 20, 2002 and June 23, 2006 are affected.

Now with respect to securities cases that have recently settled. If you are an affected investor - you purchased any of these stocks during the relevant class period, you may wish to contact the claims administrator to obtain additional information. Remember, if you don't submit your claim form, you won't receive your share of any settlement.

Catalina Marketing Corp. (POS)
Class Period: October 14, 1999 to August 25, 2003
Claim Deadline: May 21, 2007
Claims Administrator: Gilardi

Spear & Jackson, Inc. (SJCK)
Class Period: February 1, 2002 to April 1, 2003
Claims Deadline: June 26, 2007
Claims Administrator: Garden City

Information regarding other recent settled cases, including the cases listed below can be found at www.securitiessleuth.com.

Winstar Communications (WCII)
Ibis Technology Corp. (IBIS)
Astropower, Inc. (APWR)

Again, you should contact the claims administrator (rather than us). However, if you are an affected investor in any of the companies under investigation, you many wish to contact us so that you can consider your options.

Likewise, if you happen to be aware of corporate restatements or other financial fraud -- especially if you're a victim -- you're encouraged to contribute to the Sleuth by giving your own tip-offs at http://securitiessleuth.typepad.com or by e-mailing info@securitiessleuth.com.

You can also call Mark McNair at 877-511-4717. If you have a friend or colleague you think would benefit from The Sleuth, please pass along this issue and ask them to sign up at
http://www.cartville.com/app/join.asp?MerchantID=47994.

Warmest regards,

Mark McNair