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I was also a NRGN buyer all this week, locked/loaded for the return trip to .30+
surf
yup,i'm looking for .26 - .30 range next week
Book Value Per Share (mrq): 0.325
Nough said.
GLTA Next week. I'm in @ .16
BC
I read the results and it seems to me that Davis is looking for a buyer but I could be wrong, they have some nice results to let it go for nothing . One can only wonder that Davis is trying to cut costs to prolong the company . I guess I would do the same in this economic fart.
I hope you average for some profit since this POS is ready to be sold out or out to OTC .
I sold 90% of my holdings the last few days prior to the CC, still own some & looking to double down soon. The CC didn't have any item to keep the stock moving, with that the big sell off.
surf
Surf; Is CC cause of 11 cents drop? r u in?
Neurogen Corporation Announces First Quarter 2009 Financial Results and Updates Strategic and Operating Plans
On Tuesday May 12, 2009, 6:30 am EDT
BRANFORD, Conn.--(BUSINESS WIRE)--Neurogen Corporation (NASDAQ: NRGN - News), a drug development company focused on improved drugs for psychiatric and neurological disorders, today announced financial results for the quarter ended March 31, 2009. The Company also announced that it is pursuing strategic options including a sale of the Company or a sale of its assets and that it is taking additional steps to conserve capital while it pursues these options.
Stephen R. Davis, President and CEO said, "The actions we are taking today are a reflection of the dramatic changes that have occurred in the cost of capital for the biotech industry, particularly for clinical development stage companies. We believe over the next year the industry will continue contracting, combining and returning capital to shareholders where appropriate to reflect the economic realities of a changed landscape. Our mission is to efficiently achieve the best result for our shareholders in this new environment.”
Neurogen’s cash and marketable securities as of March 31, 2009 totaled $25.4 million. Total liabilities at March 31, 2009 were $11.2 million.
In connection with today’s announcement, Neurogen has suspended the enrollment of additional patients in its ongoing Phase 2 studies for Parkinson’s disease and Restless Legs Syndrome and has eliminated approximately fifty percent of its staff positions. The Company plans to further reduce staff consistent with its planned reduction of operations and its efforts to conserve capital while pursuing the completion of the sale of assets or other strategic alternatives. Neurogen has retained MTS Health Partners as its advisor in considering strategic alternatives.
On a GAAP basis, including non-recurring matters, Neurogen recognized a net loss for the first quarter of 2009 of $10.8 million, or $0.16 per share as compared to a GAAP net loss for the first quarter of 2008 of $16.5 million, or $0.39 per share. On a non-GAAP basis, excluding non-recurring charges relating to reductions in work force and the write down of certain assets, net loss for the first quarter of 2009 totaled $5.3 million, or $0.08 per share on 68 million weighted shares outstanding as compared to a non-GAAP net loss during the first quarter of 2008 of $14.0 million, or $0.33 per share on 42 million weighted average shares outstanding.
Research and development expenses for the first quarter of 2009 decreased to $3.3 million from $12.1 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 reductions in force that occurred in the first and second quarters of 2008.
General and administrative expenses for the first quarter of 2009 decreased to $2.1 million from $2.2 million for the comparable period of 2008. The decrease for the quarter was due mainly to decreases in salaries and benefits expenses, and administrative expenses.
Non-recurring matters
Restructuring and asset impairment charges for the first quarter of 2009 were $0.3 million and $5.3 million, respectively. In the first quarter of 2008, Neurogen recorded a restructuring charge of $2.5 million and no asset impairment charges. Restructuring charges in each period relate to the Company’s reductions in staffing levels. Asset impairment charges in the first quarter of 2009 relate to the Company writing down the book value of facilities and equipment associated with previous research and development activities.
Webcast
Neurogen will host a conference call and webcast to discuss first quarter results at 8:30 a.m. ET today, May 12, 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 11:30 a.m. ET on May 12, 2009 and accessible through the close of business, May 19, 2009. To replay the conference call, dial 888-286-8010, or for international callers, 617-801-6888, and use the pass code: 51676946.
Neurogen Corporation Announces Webcast of First Quarter 2009 Financial Results on May 12, 2009
On Friday May 8, 2009, 11:25 am EDT
BRANFORD, Conn.--(BUSINESS WIRE)--Neurogen Corporation (NASDAQ:NRGN - News), a drug development company, announced today that it will release its first quarter 2009 financial results on Tuesday, May 12, 2009 before the opening of the U.S. financial markets. The Company will host a conference call and live audio webcast that same day at 8:30 a.m. EDT to review the results.
The news release and live webcast may be accessed through the investor relations section of the Company's web site: www.neurogen.com. The webcast will also be archived in this section, under "Events Calendar and Replays
NRGN looks to try and test last months high of .29, hopeful of another breakout on the charts soon.
I am in both CEGE and HNAB, I may be taking some CEGE off the table today. The really good point with NRGN is that it also has a great looking chart.
surf
Thanks for your quick response and insights, always appreciate it. I am trying to find good solid biotech stocks and like you say they should have good moves when their time has come.
I am currently also in CEGE and HNAB.
Cheers!
Hi Lady,
Your coming back at the right time for the small cap biotech stocks, they have begun to wake up. They usually begin a spring move that runs into the ASCO meeting. NRGN is one of my largest positions, at some point it should have a good move and as with all small bio's it can start at anytime and go farther than anyone could guess.
surf
http://www.asco.org/ASCO/Meetings/ASCO+Annual+Meeting
Hi surf1944 how are you?
I came to NRGN after I saw the run on micro biotech stocks.
I think NRGN has a good chance to break-out soon.
What do you say?
Cheers!
I was just checking the last hour of trading on NRGN and it was some real buying, not the MM's jumping the "ask"
http://quotes.freerealtime.com/dl/frt/S?IM=quotes&SA=quotes%7CTime%2526Sales&symbol=nrgn&type=Time%26Sales
a good day, nice to get out of the teens
Biotechs babies are running, NRGN should join the fray soon.
http://www.mffais.com/nrgn.html
Neurogen Corporation Announces 2008 Financial Results
Thursday March 19, 7:00 am ET
BRANFORD, Conn.--(BUSINESS WIRE)--Neurogen Corporation (NASDAQ: NRGN - News), a drug development company focused on improved drugs for psychiatric and neurological disorders, today announced financial results for the year and quarter ended December 31, 2008 and updated it’s operating plan.
Highlights for 2008 and the Company’s current operating plan include:
Successful completion in 2008 of Phase 2a clinical studies in Restless Legs Syndrome (“RLS”) and Parkinson’s disease with aplindore, Neurogen’s dopamine D2 partial agonist.
The recent commencement of screening and enrollment of patients in a Phase 2b study in Parkinson’s disease and a Phase 2b study in RLS.
Decreases in 2008 of 48 percent in research and development expenses and 45 percent in general and administrative expenses from 2007.
The sale of non-core assets including Neurogen’s chemical library and C5a program.
Neurogen ended the fourth quarter of 2008 with $31.1 million in total cash and marketable securities.
Stephen R. Davis, President and CEO, said, "In 2008, we dramatically restructured and refocused Neurogen to concentrate on the advancement of our clinical programs. We were pleased to report positive results with aplindore in both our Parkinson’s disease and our Restless Legs Syndrome Phase 2a studies while simultaneously reducing our cost basis and monetizing non-core assets. In each study, aplindore demonstrated robust efficacy and very promising tolerability profiles, consistent with our target of improving on the side effects of currently available drugs for each of these disorders. In 2009, we will continue to carefully invest our capital as we move forward with the screening and enrollment of patients in the Phase 2b studies in Parkinson’s disease and RLS, and simultaneously pursue partnering opportunities.”
Operating revenue for the twelve months ended December 31, 2008 decreased to $3.0 million from $15.4 million for the comparable period of 2007. In the fourth quarter of 2008, Neurogen reported $3.0 million in operating revenues due to the previously reported sale of its chemical library. This was an increase from no operating revenues reported in the fourth quarter of 2007. The decrease for the twelve month period was due to the previously disclosed conclusion in 2007 of the research portion of the Company’s VR1 collaboration with Merck & Co. offset in part by the fourth quarter 2008 sale of Neurogen’s chemical library.
Research and development expenses for the twelve month period decreased 48 percent to $31.6 million from $61.0 million in the comparable period of 2007. For the fourth quarter of 2008 R&D expenses decreased 59 percent to $5.3 million from $12.8 million in the fourth quarter of 2007. The decrease for the last quarter and the twelve month period was due primarily to decreased spending in Neurogen’s clinical and preclinical drug development programs and drug discovery research operations over the four quarters of 2008 as part of our restructuring plans.
General and administrative expenses for the twelve month period decreased 45 percent to $7.1 million from $12.8 million for the comparable period of 2007 and for the fourth quarter of 2008 decreased 12 percent to $2.2 million from $2.5 million for the same period in 2007. The decrease for the twelve month and quarter periods is due mainly to decreases in salaries, benefits and supply expenses as part of our restructuring plans.
Restructuring and asset impairment charges for 2008 were $5.1 and $11.0 million, respectively. Neurogen had no such charges in 2007.
During the 12 month period, the Company recognized certain non-recurring charges and gains related to previously announced restructurings and the Company’s April 2008 private equity financing, which affected net loss for the three and twelve month periods ended December 31, 2008, as discussed further below.
On a GAAP basis, including non-recurring matters, Neurogen recognized a net loss for the fourth quarter of 2008 of $4.8 million, or $0.07 per share on 68 million weighted average shares outstanding. On a non-GAAP basis, excluding non-recurring matters, net loss for the quarter totaled $7.2 million, or $0.11 per share. These results compare to a GAAP net loss during the fourth quarter of 2007 of $14.9 million, or $0.36 per share on 42 million weighted average shares outstanding.
On a GAAP basis, including non-recurring matters, the Company recognized a net loss for the twelve months ended December 31, 2008 of $34.3 million and a net loss attributable to common stockholders of $64.9 million, or $1.22 per share on 53 million weighted average shares outstanding. On a non-GAAP basis, excluding non-recurring matters, net loss for the period totaled $37.9 million, or $0.71 per share. These results compare to a GAAP net loss of $55.7 million, or $1.33 per share, and a non-GAAP (excluding the acceleration of certain revenues associated with the conclusion of the research component of Neurogen’s VR1 collaboration with Merck & Co.) net loss of $61.5 million, or $1.47 per share, each on 42 million weighted average shares outstanding for the twelve month period ended December 31, 2007.
Neurogen’s total cash and marketable securities as of December 31, 2008 totaled $31.1 million.
Non-recurring matters
Neurogen recognized restructuring and asset impairment charges of $16.1 million for the twelve month period ended December 31, 2008. These charges are associated with reductions in workforce announced on February 5, 2008 and April 9, 2008 and a non-cash asset impairment charge of $11.0 million related to the value of certain of the Company’s facilities previously used for research activities as well as equipment associated with these buildings.
In April 2008, Neurogen closed a private placement offering of exchangeable preferred stock and warrants with certain institutional investors. On July 25, 2008, following approval of the Company’s stockholders, the preferred shares issued in the financing converted to common shares, and the Company’s stockholders approved the authorization of additional shares underlying the warrants.
In connection with the securities issued in the April financing and in accordance with the required GAAP treatment of these instruments, Neurogen recognized a non-cash charge of approximately $30.6 million for the twelve-month period ended December 31, 2008 related to the preferred stock and a non-cash gain of approximately $16.7 million for the twelve-month period ended December 31, 2008 related to the warrants. No related charges or gains were taken during the three-month period ended December 31, 2008. The non-cash charges reflected the calculation of contingent preferred dividends, accretion of the preferred stock to redemption value and the amortization of discount associated with the preferred stock, as well as a beneficial conversion feature. Pursuant to GAAP, these items are considered deemed preferred dividends and were added to net loss, resulting in a net loss attributable to common stockholders of $64.9 million for the twelve month period ended December 31, 2008. The non-cash gain recorded in the second and third quarters related to a decrease in the liability associated with the ascribed value of the warrants as a result of a decrease in the Company’s stock price from date of issuance on April 7, 2008 through July 25, 2008. Upon shareholder approval of the authorization of common shares underlying the warrants on July 25, 2008, the warrant was reclassified as an equity instrument.
Webcast
Neurogen will host a conference call and webcast to discuss fourth quarter results at 8:30 a.m. ET today, March 19, 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 10:30 a.m. ET on March 19, 2009 and accessible through the close of business, March 26, 2009. To replay the conference call, dial 888-286-8010, or for international callers, 617-801-6888, and use the pass code: 19996576.
Leonidas now! Just another trash stock.
Neurogen Corporation Announces Webcast of Fourth Quarter 2008 Financial Results on March 19, 2009
Tuesday March 10, 7:33 pm ET
BRANFORD, Conn.--(BUSINESS WIRE)--Neurogen Corporation (NASDAQ:NRGN - News), a drug development company, announced today that it will release its fourth quarter 2008 financial results on Thursday, March 19, 2009, before the opening of the U.S. financial markets. The Company will host a conference call and live audio webcast that same day at 8:30 a.m. EDT to review the results.
The news release and live webcast may be accessed through the investor relations section of the Company's web site: www.neurogen.com. The webcast will also be archived in this section, under "Events Calendar and Replays."
About Neurogen
Neurogen Corporation is a drug development company focusing on small-molecule drugs to improve the lives of patients suffering from psychiatric and neurological disorders with significant unmet medical need. Neurogen conducts its drug development independently and, when advantageous, collaborates with world-class pharmaceutical companies to access additional resources and expertise.
Contact:
Neurogen Corporation
Thomas A. Pitler, 203-315-3046
tpitler@nrgn.com
--------------------------------------------------------------------------------
imo hang in there; there is considerable value in NRGN-glty
I also bought it at .22. I have several others, like VIAP, NVD, FNM, which were "very promising" a few months ago. I am just losing my patience...
buy some MORE:
Posted by: leonidas0 Date: Saturday, February 07, 2009 2:56:33 AM
In reply to: None Post # of 104
NRGN: There is definitely something cooking here. However, I am used to waiting. No problem. This is definitely a good stock to own. I bought it at .22.
buy some and do yourself a favor
Another ridiculous stock going down the drain.
NRGN,only 67mil./O/S, at .17cents,this could bounce nice with right news !!!
i bought some more last week; market cap of less than $10 million with $38 million in cash and a nice science pipeline-plus, tisch family just upped their stake to almost 10%-as they say, just a matter of time for a multi-bagger imo
NRGN: There is definitely something cooking here. However, I am used to waiting. No problem. This is definitely a good stock to own. I bought it at .22.
yes; cash alone here puts pps at around .50-add the science pipeline and you have $2 plus pps imo-market cap last april was over $210 million, now $10 million!
large biotech are in a much stronger position than one may think,they use markets to get em cheap;)
i hope that is the case; i noticed you have liked NRGN since at least last may; why do you believe something may be churning now?-thanks!
The pot is cooking for sure now
we are looking decent relative to market; m&a or partnering sends us way north to .50-3.00, depending on terms imo
Yes I agree it is a good time to be in. I think we will have a productive week here. GLTY
very smart people run this company ,funds added allot of shares not to long ago. Good time to be in ;)
any guess on current cash position-reviewing; sure has nice pharma pipline; if cash per share close to what yhoo has this level appears quite interesting
Neurogen Corporation Announces Termination of Facilities Sale Agreement
Tuesday December 2, 5:15 pm ET
BRANFORD, Conn.--(BUSINESS WIRE)--Neurogen Corporation (Nasdaq: NRGN - News), a drug development company focused on improved drugs for psychiatric and neurological disorders, today announced that a previously announced agreement to sell certain of it’s research facilities has been terminated by the purchaser due to the current state of the credit markets. Neurogen previously announced on November 14, 2008 that it had entered into an agreement to sell the facilities for $6 million, subject to conditions customary for commercial real estate transactions.
ADVERTISEMENT
Neurogen continues to pursue the monetization of non-core assets, including the scheduled closing in the fourth quarter of 2008 of a previously announced agreement to sell its chemical library for $3 million to a global pharmaceutical company.
About Neurogen
Neurogen Corporation is a drug development company focusing on small-molecule drugs to improve the lives of patients suffering from psychiatric and neurological disorders with significant unmet medical need. Neurogen conducts its drug development independently and, when advantageous, collaborates with pharmaceutical companies to access additional resources and expertise.
0.1499 now... changing decision to sell its facility.. for 9 million... due to credit squeeze? what is the intrinsic value? what do u expect from it as end play?
tia
NRGN...the ascent continues today...
congrats folks. this has a long long way to go.
Huge bargain....multibagger coming
People running this outfit are far from incompetent,something is in the churn.
I like this company ,chess players
NRGN PR out today - Announces Positive Results for Aplindore in Restless Legs Syndrome and Parkinson's Disease
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http://www.neurogen.com/
http://finance.yahoo.com/q/ks?s=NRGN
http://www.form4oracle.com/company?cik=0000849043&ticker=nrgn
http://www.mffais.com/nrgn.html
Neurogen Corporation engages in the drug discovery and development with a focus on small molecule drugs for various disorders, including neurological diseases, pain, metabolic diseases, and inflammation. The company, through its Accelerated Intelligent Drug Discovery system, focuses on the development of drugs primarily relating to insomnia, pain, depression/anxiety, and obesity/diabetics. Its primary product candidate, insomnia compound, NG2-73, a phase II clinical trial product, is being developed to treat sleep disorders. The company is also developing vanilloid receptor-1, NGD-8243, a phase I clinical trial product, for the treatment of pain in collaboration with Merck Sharp & Dohme Limited. Neurogen’s preclinical trial products include receptors for corticotrophin releasing factor-1 to treat depression, anxiety, and/or stress related disorders; and melanin concentrating hormone receptor-1, a mediator of food intake. The company was incorporated in 1987 and is based in Branford, Connecticut.
http://www.neurogen.com/pipeline.htm
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