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Biotech / Medical : Neurogen (NRGN)

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To: Terry McCormick who started this subject	11/12/2003 8:02:04 PM
From: mopgcw	of 523

From Yahoo on cc, I have not listened to the call myself so no opinion on representation. Webcast conference call by: rdmd_99 Long-Term Sentiment: Strong Buy 11/12/03 05:53 pm Msg: 695 of 695 I must say I'm pleasantly surprised with the call. We were told that there is "substantial interest in partnering" from major pharma on both the C5a and VR1 programs. It was reiterated that there would be results from the asthma trial by the end of this year, and the the rheumatoid arthritis trial would be finished by year end, with results available in first quarter 2004. It was also stated they have a lead candidate in an "undisclosed clinical program" which they aren't talking about due to competitive issues. That one and the MCH program for obesity will also be ready for partnering in the next year. Although existing cash is sufficint through mid 2005 they clearly are looking to act before then. They also mentioned the insomnia phase I trials with Pfizer which are said to be ongoing. All in all, I must say the sound of optimism was clear. And it is a sound they haven't previously emitted.

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