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Biotech / Medical : Neurogen (NRGN)

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From: idos	12/29/2006 9:13:06 AM
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CIBC: Neurogen Initiating Coverage: Diverse CNS Pipeline With Multiple 2007 Catalysts Effective 12/29, we are initiating coverage of Neurogen (NRGN) with a Sector Outperformer rating and an $11 price target. NRGN's lead program is NG2-73, a small molecule GABA agonist in ph.II for insomnia. We believe NG2-73's alpha-3 subunit preference could lead to a best-in-class agent. NG2-73 is currently in 2 ph.II trials in chronic insomnia, with both immediate and controlled-release formulations. One study is focused on sleep initiation, the other on maintenance. We expect top-line data in 2H07. Prior ph.I and II results suggest promising efficacy with few side effects. NRGN is also developing Aplindore, a small molecule dopamine partial agonist, for Parkinson's disease and restless legs syndrome. Ph.II trials in each indication will begin in 2007. We believe Aplindore may provide dosing and tolerability advantages over current Parkinson's and RLS therapies. NRGN is collaborating with MRK to develop the VR1 antagonist NGD-8243, in ph.II for post-operative dental pain. Finally, NRGN is conducting a ph.I trial of a novel MCH1 antagonist, NGD-4715, for obesity. We believe NRGN's current market cap undervalues its impressive clinical-stage CNS pipeline.

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