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Biotech / Medical : Neurogen (NRGN)

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To: Terry McCormick who started this subject	12/1/2003 7:47:14 AM
From: Doc Bones	Read Replies (2) of 523

07:16 NRGN Neurogen and Merck form research alliance (6.38 ) Co and Merck (MRK) announce they have formed an exclusive worldwide alliance to research, develop and commercialize novel small molecule medicines which work by targeting the vanilloid receptor (VR1), a key integrator of pain signals in the nervous system. It is believed that in addition to playing a central role in many pain conditions, VR1 may also play a role in other disorders such as urinary incontinence. Upon receiving regulatory approvals, the collaboration will be consummated and Merck will make a $15 mln license fee payment to Neurogen and purchase $15 mln of Neurogen common stock at the average market price per share for the 25 trading days preceding regulatory clearance. In addition, during the first two years of the agreement, Merck will provide Neurogen with research funding and license maintenance payments totaling $12.0 mln. Neurogen will be eligible to receive research, development, and approval milestone payments of up to $118 mln for the successful commercialization of a collaboration drug for a single therapeutic indication.

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