Updated from 1:21 a.m. EDT

Neurocrine Biosciences ( NBIX) designed the latest phase II study of its endometriosis drug elagolix with so many endpoints that it shouldn't be surprising to discover that some of the efficacy measures succeeded while others failed.

A potential problem for Neurocrine, however, is that one of the endpoints that came up short was the primary, or main goal, of the study, while another was an endpoint suggested by the U.S. Food and Drug Administration.

Elagolix is the lead drug in Neurocrine's research pipeline and the asset that investors hope erases the stigma attached to the company stemming from the disastrous FDA rejection of its sleeping pill indiplon three years ago.

Neurocrine has already completed three phase II studies of elagolix in women diagnosed with endometriosis. Results from a fourth phase II study were announced Wednesday night, while a fifth study is expected to be completed in the third quarter.

With all this elagolix data, Neurocrine aims to get FDA approval for a phase III study program to start next year. Just as importantly, Neurocrine is looking to attract a large drug company to sign on as a worldwide development partner.

Endometriosis is a condition mainly affecting women of childbearing age that occurs when endometrial cells, which form the lining of the uterus, are deposited outside the uterus. Pain and bleeding can occur if or when these endometrial tissues start to grow in response to hormones.

Neurocrine's latest phase II study, which the company calls "702" or "Lilac Petal," enrolled 155 women with confirmed endometriosis and treated them for 12 weeks with one of two daily doses of elagolix or a placebo.

If you liked this article you might like

10 Sectors That Will Profit Big-Time From Oil's Crash

Biotech Movers: Inovio, Neurocrine, Alnylam

Week in Review: Wall Street Sees Red as Geopolitical Issues Dominate, Earnings Begin

U.S. Markets Close Lower as Wall Street Frets Over Global Turmoil

Wall Street Closes Lower Amid Continued Global Worries