A sad end to a long history:
Neurogen Corporation Announces Agreement for Sale of Its C5a Patent Estate and Related Assets for $2.25 Million and Receipt of Final Payment on $3 Million Sale of Chemical Library
Tuesday December 23, 9:07 am ET
BRANFORD, Conn.--(BUSINESS WIRE)--Neurogen Corporation (Nasdaq: NRGN - News), a drug development company focused on improved drugs for psychiatric and neurological disorders, today announced it has entered into a definitive agreement to sell its C5a patent estate and related assets to a major pharmaceutical company for $2.25 million. Also, on December 16th, 2008, Neurogen received the final payment on the previously announced $3 million sale of its chemical library to a major pharmaceutical company.
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Neurogen’s C5a patent estate and related assets were generated as part of an effort to discover new drugs for the treatment of inflammatory disorders. Proceeds from the sale are expected to be received in the first quarter of 2009 and are subject to customary delivery conditions.
As part of its effort to restructure and consolidate operations, Neurogen is divesting certain non-core assets including those described in today’s announcement. Neurogen is focused on the development of aplindore, a dopamine D2 partial agonist for the treatment of Parkinson’s disease and Restless Legs Syndrome (RLS). In October, Neurogen announced the successful completion of Phase 2a studies with aplindore in each of these disorders. In each study, aplindore demonstrated statistically significant and clinically meaningful efficacy together with indications of improvements in side effects and titration schedules consistent with the drug candidate’s target product profile.
About Neurogen
Neurogen Corporation is a drug development company focusing on small-molecule drugs to improve the lives of patients suffering from psychiatric and neurological disorders with significant unmet medical need. Neurogen conducts its drug development independently and, when advantageous, collaborates with world-class pharmaceutical companies for the development and commercialization of its programs. |
