Neurogen Reports Second Quarter Financial Results
PR Newswire - August 11, 1999 07:46
BRANFORD, Conn., Aug. 11 /PRNewswire/ -- Neurogen Corporation (Nasdaq: NRGN), an emerging pharmaceutical company, announced its financial results for the second quarter.
Neurogen reported a second quarter loss of ($3,715,000) or ($0.26) per share for the three months ended June 30, 1999. This compares to a net loss of ($2,008,000) or ($0.14) per share for the same period in 1998. In the second quarter, Neurogen entered into a $27 million licensing arrangement with Pfizer Inc., pursuant to which Neurogen will license to Pfizer certain of its proprietary Accelerated Intelligent Drug Design (AIDD(SM)) technologies for discovering new drugs. Upon commencement of this agreement, Neurogen received a $3 million initial license fee, which will be deferred and recognized in Neurogen's operating revenues over future periods as Neurogen installs its AIDD(SM) system at Pfizer.
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