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Q2 Results for Neurogen
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Business New Haven
8/20/2001
By: BNH
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BRANFORD - Neurogen Corp. (NASDAQ: NRGN), a drug discovery and development company, reported a second quarter loss of ($5,689,000) or (33 cents) per share for the three months ended June 30. This compares to a net loss of ($2,542,000) or (16 cents) per share for the same period in 2000. Neurogen's total cash and marketable securities as of June 30 totaled $92,983,000 versus $108,756,000 on December 31, 2000.
Neurogen's operating revenues for the second quarter decreased to $3,215,000, compared to $4,620,000 for the same period a year ago. This decrease the company attributes primarily to a reduction in staffing on collaborative programs and the related reduction in discovery research funding from Pfizer Inc., offset in part by revenue recognized 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 increased to $8,659,000 in the quarter, up from $6,641,000 in the second quarter of 2000. This increase is primarily due to an increase in research staff, further development of potential drug candidates, as well as continued expansion of Neurogen's drug pipeline for the discovery of new drug candidates. General and administrative expenses totaled $1,442,000 for the quarter, down from $1,525,000 for the same period a year ago.
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