Neurogen Corporation (NASDAQ: NRGN), a drug development company
focused on improved drugs for psychiatric and neurological
disorders, today announced financial results for the quarter ended
June 30, 2009.
Stephen R. Davis, President and CEO said, "During the second
quarter we continued our plan to conserve cash resources while
pursuing strategic options. As previously announced, in May we
suspended enrollment of new patients in our Parkinson’s disease and
Restless Legs Syndrome clinical trials and we have reduced our
staff to those necessary to execute the pursuit of a sale of the
company or our major assets.”
On a GAAP basis, including non-recurring matters, Neurogen
recognized a net loss attributable to common stockholders for the
second quarter of 2009 of $7.5 million, or $0.11 per share as
compared to a GAAP net loss attributable to common stockholders for
the second quarter of 2008 of $11.8 million, or $0.28 per share. On
a non-GAAP basis, excluding non-recurring charges relating to
restructuring of workforce and the write down of certain assets,
net loss for the second quarter of 2009 totaled $3.9 million, or
$0.06 per share on 68.7 million weighted shares outstanding as
compared to a non-GAAP net loss during the second quarter of 2008
of $8.5 million, or $0.20 per share on 42.1 million weighted
average shares outstanding.
Research and development expenses for the second quarter of 2009
decreased to $2.8 million from $8.0 million in the comparable
period of 2008. The decrease in R&D expenses for the quarter
was due primarily to decreased spending in Neurogen’s clinical and
preclinical drug development programs as well as the 2008 and 2009
restructuring of the Company’s workforce.
General and administrative expenses for the second quarter of
2009 increased to $1.2 million from $0.8 million for the comparable
period of 2008. The increase for the quarter was due primarily to
the effect of a $0.35 million credit recognized in the second
quarter of 2009 versus a $0.69 million credit recognized in the
second quarter of 2008, in each case related to the cancellation of
stock options from employees terminated in Company
restructurings.
Neurogen’s cash and marketable securities as of June 30, 2009
totaled $21.9 million. Total liabilities at June 30, 2009 were $11
million.
Non-recurring matters
Asset impairment charges for the second quarter of 2009 were
$3.9 million, compared to $7.2 million for the second quarter of
2008. Asset impairment charges in each period were associated with
writing down the book value of facilities and equipment associated
with previous research and development activities. In the second
quarter of 2009, Neurogen recorded a restructuring of workforce
charge of $2.4 million, compared to a restructuring of workforce
charge in the second quarter of 2008 of $2.6 million. Restructuring
of workforce charges in each period relate to the Company’s
reductions in staffing levels.
Webcast
Neurogen will host a conference call and webcast to discuss
second quarter results at 5:00 p.m. EDT today, August 14, 2009. 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 8:00 p.m. EDT on August 14, 2009 and
accessible through the close of business, August 21, 2009. To
replay the conference call, dial 888-286-8010, or for international
callers, 617-801-6888, and use the pass code: 36599619.
About Neurogen
Neurogen Corporation is a drug development company historically
focusing on small-molecule drugs to improve the lives of patients
suffering from psychiatric and neurological disorders with
significant unmet medical need. Neurogen has conducted its drug
development independently and, when advantageous, collaborated with
world-class pharmaceutical companies to access additional resources
and expertise.
Statement Regarding Adjusted (Non-GAAP) Financial
Information
In addition to disclosing financial results calculated in
accordance with GAAP, the Company has included certain adjusted
financial results. Reconciliations between GAAP and adjusted
earnings for the three and six months ended June 30, 2009 and 2008
are provided in the table below. The Company believes that the
presentation of adjusted results provides meaningful supplemental
information regarding our financial results for the three and six
months ended June 30, 2009 as compared to the three and six months
ended June 30, 2008 because the adjustments between GAAP and
adjusted earnings provide information related to the ongoing
operations of the Company. The Company believes that this financial
information is useful to management and investors in assessing our
historical performance and results. The Company will use these
adjusted financial measures when evaluating its financial results,
as well as for internal planning and forecasting purposes. The
adjusted financial measures disclosed by the Company should not be
considered a substitute for or superior to financial measures
calculated in accordance with GAAP, and the financial results
calculated in accordance with GAAP and reconciliations to those
financial statements should be carefully evaluated. The adjusted
financial measures used by the Company may be calculated
differently from and therefore may not be comparable to similarly
titled measures used by other companies.
Our results under GAAP have been adjusted for the following
events that occurred during the three and six months ended June 30,
2009 and 2008: (1) restructuring of the Company’s workforce that
resulted in additional expense in each period, (2) asset impairment
charges associated with writing down the value of certain of our
facilities and certain related equipment associated with
discontinued research and development activities, and (3) the sale
of certain non-core patent estates. See the table below for a
detailed reconciliation of GAAP and adjusted earnings.
Reconciliations between GAAP and Non-GAAP earnings for the three
and six months ended June 30, 2009 and 2008 are provided in the
following table:
Three Months Ended Three Months Ended Six
Months Ended Six Months Ended June 30, 2009 June 30, 2008
June 30, 2009 June 30, 2008 [in thousands except per share amounts]
(unaudited) Net loss attributable to common stockholders (GAAP)
$(7,511) $(11,841) $(18,347) $(28,359) Sale of patent estate
(2,650) - (2,650) - Restructuring of workforce 2,355 2,640 2,677
5,130 Asset impairment charges 3,930 7,200 9,176 7,200 Gain on
warrants to purchase common stock - (11,954) - (11,954) Deemed
preferred dividends - 5,407 - 5,407 Adjusted
net loss (Non- GAAP) (3,876) (8,548) (9,144)
(22,576) Basic and diluted loss per share attributable to common
stockholders (GAAP) $(0.11) $(0.28) $(0.27)
$(0.67) Basic and diluted loss per share (Non-GAAP) $(0.06)
$(0.20) $(0.13) $(0.54) Shares used in calc of loss
per share: Basic and Diluted 68,671 42,131 68,490
42,062
Safe Harbor Statement
The information in this press release contains certain
forward-looking statements, made pursuant to applicable securities
laws that involve risks and uncertainties as detailed from time to
time in Neurogen's SEC filings, including its most recent 10-K. The
words “believe”, “anticipate”, “expect”, “estimate”, “intend”,
“plan”, “may”, “will” and other similar expressions generally
identify forward-looking statements. Such forward-looking
statements relate to events or developments that we expect or
anticipate will occur in the future and include, but are not
limited to, statements that are not historical facts relating to
the timing and occurrence of anticipated clinical trials, and
potential collaborations or extensions of existing collaborations.
Actual results may differ materially from such forward-looking
statements as a result of various factors, including, but not
limited to, risks associated with the inherent uncertainty of drug
development, difficulties or delays in development, testing,
regulatory approval, production and marketing of any of Neurogen’s
drug candidates, adverse side effects or inadequate therapeutic
efficacy or pharmacokinetic properties of the Company's drug
candidates or other properties of drug candidates which could make
them unattractive for commercialization, advancement of competitive
products, dependence on corporate partners, Neurogen’s ability to
retain key employees for the plans described above, sufficiency of
cash to complete the plans described above, Neurogen’s ability to
continue as a going concern, Neurogen’s ability to complete a sale
of all or substantially all of its assets or enter into any
strategic alternative and patent, product liability and third party
reimbursement risks associated with the pharmaceutical industry.
For such statements, Neurogen claims the protection of applicable
laws. Future results may also differ from previously reported
results. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
Neurogen disclaims any intent and does not assume any obligation to
update these forward-looking statements, other than as may be
required under applicable law.
NEUROGEN CORPORATION CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (Amounts in thousands, except per
share data) (unaudited) Three Months
ended
June 30, 2009
Three Months ended
June 30, 2008
Six Months
ended
June 30, 2009
Six Months
ended
June 30, 2008
Operating revenues: Sale of patent estate $2,650 $- $2,650
$- Total operating revenues 2,650 2,650 Operating expenses:
Research and development 2,776 7,995 6,051 20,049 General and
administrative 1,203 756 3,314 2,919 Asset impairment charges 3,930
7,200 9,176 7,200 Restructuring of workforce 2,355 2,640 2,677
5,130 Total operating expenses 10,264 18,591 21,218 35,298
Operating loss (7,614) (18,591) (18,568) (35,298) Gain on
warrants to purchase common stock - 11,954 - 11,954 Other income,
net 86 180 176 346 Total other income, net 86 12,134 176 12,300 Tax
benefit 17 23 45 46 Net loss (7,511) (6,434) (18,347) (22,952)
Deemed preferred dividends - (5,407) - (5,407) Net loss
attributable to common stockholders $(7,511) $(11,841) $(18,347)
$(28,359) Basic and diluted loss per share attributable to
common stockholders $(0.11) $(0.28) $(0.27) $(0.67) Shares used in
calculation of loss per share attributable to common stockholders:
Basic and diluted 68,671 42,131 68,490 42,062
NEUROGEN
CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands) (unaudited) June
30, 2009 December 31, 2008
Assets Current Assets:
Cash and cash equivalents $21,937 $24,106 Marketable securities -
6,967 Total cash and marketable securities 21,937 31,073
Receivables from corporate partners 33 61 Assets held for sale
2,802 5,108 Other current assets, net 939 1,394 Total current
assets 25,711 37,636 Restricted cash 121 - Net property, plant and
equipment 13 7,102 Other assets, net 22 30
Total assets
$25,867 $44,768
Liabilities and Stockholders’ Equity
Current liabilities: Accounts payable and accrued expenses $4,085
$4,555 Current portion of loans payable 4,122 4,692 Total current
liabilities 8,207 9,247 Long term liabilities: Tenant Security
Deposit 121 Loans payable, net of current portion 2,630 2,807 Total
liabilities 10,958 12,054 Total stockholders’ equity 14,909 32,714
Total liabilities and stockholders’ equity $25,867 $44,768
Neurogen (NASDAQ:NRGN)
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