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Biotech / Medical : Neurogen (NRGN)
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To: Miljenko Zuanic who wrote (383)12/8/2003 5:47:57 PM
From: Miljenko Zuanic  Read Replies (1) of 523
 
Th's NRGN, I was bit concerned with different media reports, and someone was doing this intentionally.

Press Release Source: Neurogen Corporation

Neurogen Corrects Media Report on Merck Alliance
Monday December 8, 3:22 pm ET

BRANFORD, Conn., Dec. 8 /PRNewswire-FirstCall/ -- Neurogen Corporation (Nasdaq: NRGN - News) today corrected a media report concerning its exclusive worldwide alliance with Merck & Co., Inc. to develop next-generation drugs for pain and other disorders, which was announced on December 1, 2003. A media report today incorrectly stated that Neurogen was not eligible to receive milestone payments and royalties on one compound that originated with Merck's research. In fact, the companies are pooling all VR1 drug candidates previously discovered by each company and Neurogen is eligible to receive identical milestone payments and royalties on all VR1 compounds discovered by either party prior to or during the exclusive collaboration with the exception of a single early milestone payment. While this single milestone payment would not be owed on one candidate Merck is bringing to the collaboration, Neurogen is eligible to receive all other milestone payments and royalties on this compound and on any other compound in the collaboration.
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