Neurogen Corporation Announces First Quarter 2007 Financial Results.BRANFORD, Conn. -- Neurogen Corporation (Nasdaq: NRGN NRGN Neurogen Corporation (Branford, Connecticut) ), a drug discovery and development company, today announced financial results for the first quarter ended March 31, 2007. Neurogen recognized a net loss for the first quarter of 2007 of $19.3 million, or $0.46 per share on 41.7 million weighted average shares outstanding. This compares to a net loss during the first quarter of 2006 of $14.3 million, or $0.42 per share on 34.5 million weighted average shares outstanding. Neurogen's total cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has as of March 31, 2007 totaled $89.8 million. William H. Koster, Ph.D., President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "During the first quarter, we've maintained the forward momentum that's been building over the last two years. We are continuing to make investments in our growing pipeline of drug programs--by the end of 2007 we anticipate that Neurogen will have up to five Phase 2 programs running simultaneously. "Currently, we have two Phase 2b trials underway in chronic insomnia with NG2-73, and we recently announced positive first-in-human results for our MCHR MCHR Maryland Commission on Human Relations 1 antagonist, NGD NGD Native Generic Database NGD Newport Gwent Dragons (UK rugby team) NGD Negative Group Delay NGD Newton Game Dynamics 4715, targeted to treat obesity. We plan to initiate a Phase 2a proof-of-concept clinical trial in obesity after the conclusion of multiple ascending dose studies. We also are planning to initiate two Phase 2 programs with our D2 partial agonist, Aplindore, for Parkinson's disease Parkinson's disease or Parkinsonism, degenerative brain disorder first described by the English surgeon James Parkinson in 1817. When there is no known cause, the disease usually appears after age 40 and is referred to as Parkinson's disease. and Restless Legs Syndrome Restless Legs Syndrome Definition Restless legs syndrome (RLS) is characterized by unpleasant sensations in the limbs, usually the legs, that occur at rest or before sleep and are relieved by activity such as walking. . In addition to these programs, all wholly-owned by Neurogen, our partner Merck (NYSE NYSE See: New York Stock Exchange : MRK MRK Merck & Company (stock symbol) MRK Mayer-Rokitansky-Kuster (anomaly) MRK Manual Remote Keying ) is conducting a Phase 2a proof-of-concept study in dental pain with our VR-1 antagonist NGD 8243." Operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. for the first quarter of 2007 decreased to $2.4 million from $3.8 million for the first quarter of 2006. The decrease is due to a scheduled reduction in research revenues from the Company's collaboration with Merck to discover and develop VR1-based drugs for pain and other indications. Research and development expenses for the first quarter of 2007 increased to $18.9 million from $15.8 million in the first quarter of 2006. The increase in R&D expenses for the quarter is due mainly to increased spending in Neurogen's insomnia and obesity clinical programs. General and administrative expenses for the first quarter of 2007 increased to $3.8 million, compared to $3.0 million for the same period in 2006. The increase for the quarter is due mainly to increases in administrative and patent expenses. Webcast The Company will host a conference call and webcast to discuss first quarter results at 10:00 a.m. ET today, May 4, 2007. The webcast will be available in the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of www.neurogen.com and will also be archived there. A replay of the call will be available after 1:00 pm ET today and accessible through the close of business, May 11, 2007. To replay the conference call, dial 888-286-8010, or for international callers, 617-801-6888, and use the pass code: 88734869. About Neurogen Neurogen Corporation is a drug discovery and development company focusing on small molecule drugs to improve the lives of patients suffering from disorders with significant unmet medical need, including insomnia, restless legs syndrome (RLS Restless legs syndrome (RLS) A disorder in which the patient experiences crawling, aching, or other disagreeable sensations in the calves that can be relieved by movement. RLS is a frequent cause of difficulty falling asleep at night. ), Parkinson's disease, pain, obesity, and depression. Neurogen conducts its research and development independently and, when advantageous, collaborates with world-class pharmaceutical companies to access additional resources and expertise. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement The information in this press release contains certain forward-looking statements, made pursuant to applicable securities laws that involve risks and uncertainties as detailed from time to time in Neurogen's SEC filings, including its most recent 10-K. Such forward-looking statements relate to events or developments that we expect or anticipate will occur in the future and include, but are not limited to, statements that are not historical facts relating to the timing and occurrence of anticipated clinical trials, and potential collaborations or extensions of existing collaborations. Actual results may differ materially from such forward-looking statements as a result of various factors, including, but not limited to, risks associated with the inherent uncertainty of drug research and development, difficulties or delays in development, testing, regulatory approval, production and marketing of any of the Company's drug candidates, adverse side effects Side effects Effects of a proposed project on other parts of the firm. or inadequate therapeutic efficacy or pharmacokinetic properties of the Company's drug candidates or other properties of drug candidates which could make them unattractive for commercialization, advancement of competitive products, dependence on corporate partners, the Company's ability to retain key employees, sufficiency of cash to fund the Company's planned operations and patent, product liability and third party reimbursement risks associated with the pharmaceutical industry. For such statements, Neurogen claims the protection of applicable laws. Future results may also differ from previously reported results. For example, positive results or safety and tolerability in one clinical study provides no assurance that this will be true in future studies. Neurogen disclaims any intent and does not assume any obligation to update these forward-looking statements, other than as may be required under applicable law. [TABLE OMITTED] [TABLE OMITTED] |
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