Neurogen Corp (NRGN)

[mlkrborn]

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.

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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.