Neurogen
Corporation
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For
Immediate Release
|
Contact:
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Elaine
Grimsell Dodge
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Neurogen
Corp.
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203-315-4615
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edodge@nrgn.com
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– |
February:
Merck
initiated Phase 1 testing with NGD-8243/MK 2295 from our VR1
antagonist
collaboration for pain, urinary incontinence, and
cough.
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– |
May:
Positive
Phase 2 transient insomnia data reported in a 369 patient study
of NG2-73,
a partial GABA agonist preferential for the alpha-3 receptor
subtype.
Rapid sleep onset data indicates the potential for a best-in-class
therapeutic.
|
– |
October:
Commenced a Phase 2 trial with NG2-73 in 240 chronic insomnia
patients
with primary endpoint measuring sleep onset.
|
– |
October:
Merck commenced a Phase 2 proof-of-concept study in dental pain
with
NGD-8243/MK 2295 from our VR1 collaboration. Multiple ascending
dose
studies are ongoing.
|
– |
November:
Acquired dopamine-2 partial agonist Aplindore from Wyeth for
Parkinson’s
disease and Restless Legs Syndrome. Aplindore has an established
Phase 1
safety database in over 200 subjects and Phase 2 clinical trials
in both
indications are planned to begin late in
2007.
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– |
November:
Phase 1 testing commenced with NGD-4715, an MCH antagonist, in
our obesity
program.
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– |
December:
Commenced a second Phase 2 trial in chronic insomnia with NG2-73
in 36
chronic insomnia patients with primary endpoint measuring sleep
maintenance.
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– |
December:
Neurogen completed a $40.0 million registered direct financing
at no
discount to the market price.
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NEUROGEN
CORPORATION
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|||||||||||||
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
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|||||||||||||
(Amounts
in thousands, except per share data)
|
|||||||||||||
(unaudited)
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|||||||||||||
Three
Months
Ended
Dec.
31, 2006
|
Three
Months
Ended
Dec.
31, 2005
|
Twelve
Months
Ended
Dec.
31, 2006
|
Twelve
Months
Ended
Dec.
31, 2005
|
||||||||||
Operating
revenues:
|
|||||||||||||
License
fees
|
$
|
1,122
|
$
|
914
|
$
|
4,467
|
$
|
3,632
|
|||||
Research
revenues
|
984
|
776
|
5,346
|
3,926
|
|||||||||
Total
operating revenues
|
2,106
|
1,690
|
9,813
|
7,558
|
|||||||||
Operating
expenses:
|
|||||||||||||
Research
and development
|
16,616
|
10,605
|
55,853
|
38,487
|
|||||||||
General
and administrative
|
2,742
|
2,385
|
11,560
|
9,628
|
|||||||||
Total
operating expenses
|
19,358
|
12,990
|
67,413
|
48,115
|
|||||||||
Operating
loss
|
(17,252
|
)
|
(11,300
|
)
|
(57,600
|
)
|
(40,557
|
)
|
|||||
Other
income, net
|
608
|
664
|
2,519
|
3,044
|
|||||||||
Income
tax benefit
|
635
|
--
|
1,305
|
393
|
|||||||||
Net
loss
|
$
|
(16,009
|
)
|
$
|
(10,636
|
)
|
$
|
(53,776
|
)
|
$
|
(37,120
|
)
|
|
Basic
and diluted loss per share
|
$
|
(0.45
|
)
|
$
|
(0.31
|
)
|
$
|
(1.55
|
)
|
$
|
(1.08
|
)
|
|
Shares
used in calculation of loss per share:
|
|||||||||||||
Basic
and diluted
|
35,544
|
34,410
|
34,789
|
34,318
|
|||||||||
NEUROGEN
CORPORATION
|
|||||||
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|||||||
(Amounts
in thousands)
|
|||||||
(unaudited)
|
|||||||
December
31,
2006
|
December
31,
2005
|
||||||
Assets
|
|||||||
Cash
and cash equivalents
|
$
|
56,170
|
$
|
11,241
|
|||
Marketable
securities
|
51,401
|
104,119
|
|||||
Total
cash and marketable securities
|
107,571
|
115,360
|
|||||
Receivables
from corporate partners
|
209
|
157
|
|||||
Other
current assets, net
|
2,813
|
2,892
|
|||||
Total
current assets
|
110,593
|
118,409
|
|||||
Net
property, plant and equipment
|
27,085
|
28,268
|
|||||
Other
assets, net
|
61
|
87
|
|||||
Total
assets
|
$
|
137,739
|
$
|
146,764
|
|||
Liabilities
and Stockholders’ Equity
|
|||||||
Current
liabilities
|
|||||||
Unearned
revenue from corporate partners, current portion
|
7,520
|
5,158
|
|||||
Other
current liabilities
|
9,935
|
7,788
|
|||||
Total
current liabilities
|
17,455
|
12,946
|
|||||
Long
term liabilities
|
|||||||
Unearned
revenue from corporate partners, net of current portion
|
6,768
|
8,880
|
|||||
Loans
payable, net of current portion
|
8,976
|
10,430
|
|||||
Total
liabilities
|
33,199
|
32,256
|
|||||
Total
stockholders’ equity
|
104,540
|
114,508
|
|||||
Total
liabilities and stockholders’ equity
|
$
|
137,739
|
$
|
146,764
|
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