>>Neurogen Corporation Announces Second Quarter 2007 Financial Results
Thursday August 2, 6:00 am ET
BRANFORD, Conn.--(BUSINESS WIRE)--Neurogen Corporation (Nasdaq: NRGN - News), a drug discovery and development company, today announced financial results for the three and six month periods ended June 30, 2007.
Neurogen recognized a net loss for the second quarter of 2007 of $13.6 million, or $0.33 per share on 41.8 million weighted average shares outstanding. This compares to a net loss during the second quarter of 2006 of $12.5 million, or $0.36 per share on 34.5 million weighted average shares outstanding. The Company recognized a net loss for the six months ended June 30, 2007 of $33.0 million, or $0.79 per share on 41.8 million weighted average shares outstanding, as compared to a net loss of $27.0 million, or $0.78 per share on 34.5 million weighted average shares outstanding for fiscal 2006.
Neurogen's total cash and marketable securities as of June 30, 2007 totaled $70.9 million.
William H. Koster, Ph.D, President and CEO said, "I'm extremely pleased with our progress and clinical results as we head into the second half of 2007. We hit the primary endpoints in our two Phase 2b studies in chronic insomnia with NG2-73 in June, achieving rapid onset of sleep and sleep maintenance in chronic insomnia patients. The data have confirmed the very rapid sleep onset seen in our previously reported Phase 2a transient insomnia study. Since reporting the top-line data, analyses of other endpoints in the trials revealed that NG2-73 achieved statistical significance over placebo on the subjective measure of sleep quality. This measure of patient satisfaction has now been consistently seen across three Phase 2 studies. NG2-73 has now been tested in over 600 subjects in eight clinical studies to date."
He continued, "Our MCH1 antagonist for obesity, NGD-4715, continues to advance in Phase 1 studies. Our VR-1 antagonist, NGD-8243, partnered with Merck, is moving forward in the clinic, and Aplindore, our D2 partial agonist, remains on track to commence Phase 2 studies in both Parkinson's disease and Restless Legs Syndrome later this year."
Operating revenue for the second quarter of 2007 increased to $5.5 million from $1.8 million for the second quarter of 2006 and for the six month period of 2007, increased to $7.9 million from $5.6 million for the comparable period of 2006. The increase in operating revenue for the quarter and the six month period is due to the acceleration of revenue recognition from the conclusion of the research portion of the Company's collaboration with Merck to discover and develop VR1-based drugs for pain and other indications. The research portion of the collaboration is due to conclude on August 28, 2007. Merck continues pursuing development on several VR-1 compounds from the research collaboration program.
Research and development expenses for the second quarter of 2007 increased to $16.4 million from $11.8 million in the second quarter of 2006 and for the six month period of 2007, increased to $35.3 million from $27.6 million in the comparable period of 2006. The increase in R&D expenses for the quarter and six month periods is due mainly to increased spending in Neurogen's insomnia and obesity clinical programs, as well as in preclinical drug development programs.
General and administrative expenses for the second quarter of 2007 increased to $3.5 million, compared to $3.2 million for the same period in 2006 and for the six month period of 2007, increased to $7.2 million from $6.2 million for the comparable period of 2006. The increase for the quarter and six month periods is due mainly to increases in patent, legal, and administrative services.
Webcast
The Company will host a conference call and webcast to discuss second quarter results at 8:30 a.m. EDT today, August 2, 2007. The webcast will be available in the Investor Relations section of www.neurogen.com and will also be archived there. A replay of the call will be available after 1:00 pm ET today and accessible through the close of business, August 16, 2007. To replay the conference call, dial 888-286-8010, or for international callers, 617-801-6888, and use the pass code: 86783659.<<
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Not much new in the PR, that's for sure.
Cheers, Tuck |
