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Neurogen Tallies Results
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Business New Haven
3/5/2001
By: BNH
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BRANFORD - For the year ended December 31, Neurogen Corp. (NASDAQ: NRGN) reported a pro forma net loss of $8,968,000, or 54 cents per share, excluding a non-recurring non-cash compensation charge of $6,503,000 recorded in the first quarter. This non-cash charge is due to the performance-based vesting of restricted stock granted to some employees in a prior year. Neurogen's total net loss for the year, including the non-cash charge, was $15,471,000, or 94 cents per share, compared to a net loss of $14,618,000, or $1 per share, in 1999. Neurogen's total cash and marketable securities as of year's end totaled $108,756,000, compared to $65,029,000 on December 31, 1999.
Operating revenues for 2000 rose to $20,413,000 over $10,209,000 12 months before. This increase was due primarily to increased revenue from Neurogen's 1999 license to Pfizer for access to certain components of Neurogen's AIDD (Accelerated Intelligent Drug Discovery) technology.
Research and development expenses for 2000 were $28,048,0000, compared to $23,965,000 in 1999. The increase reflects increased funding and scientific staffing of proprietary drug development programs within Neurogen's drug pipeline.
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