CORRECTING and REPLACING Neurogen Restructures to Focus Resources on Advancing Clinical Programs
Wednesday February 6, 10:09 am ET
BRANFORD, Conn.--(BUSINESS WIRE)--Third graph of release should read: The Company is providing severance and career transition assistance to employees directly affected by the restructuring, and Neurogen expects to incur restructuring charges, primarily associated with severance benefits, of approximately $1.5 million in the first quarter of 2008 (sted xxx in the first quarter of 2007).
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The corrected release reads:
NEUROGEN RESTRUCTURES TO FOCUS RESOURCES ON ADVANCING CLINICAL PROGRAMS
Neurogen Corporation (Nasdaq: NRGN - News) today announced that it has reduced its workforce by approximately 70 employees, as part of a restructuring to focus the Company’s resources on its advancing clinical assets.
“As our clinical portfolio advances, we must allocate our resources to facilitate this growth,” said Stephen R. Davis, President and CEO of Neurogen. “Our insomnia program holds the potential for significant differentiation and increased value as we seek to expand on the clinical profile we have seen thus far, suggesting improved objective and subjective measures of efficacy over currently available insomnia drugs. Aplindore remains on track for the commencement of Phase 2 studies in both Parkinson’s disease and Restless Legs Syndrome. We are deeply grateful for the many contributions of the highly talented employees whose positions are impacted by this restructuring and we wish them success in their future endeavors.”
The Company is providing severance and career transition assistance to employees directly affected by the restructuring, and Neurogen expects to incur restructuring charges, primarily associated with severance benefits, of approximately $1.5 million in the first quarter of 2008.
About Neurogen
Neurogen Corporation is a drug discovery and development company focusing on small molecule drugs to improve the lives of patients suffering from disorders with significant unmet medical need, including insomnia, Parkinson’s disease, restless legs syndrome (RLS) and pain. Neurogen conducts its research and development independently and, when advantageous, collaborates with world-class pharmaceutical companies to access additional resources and expertise. |
