LYCOS RETRIEVER 
Neurogen: Development
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Neurogen's exclusive worldwide alliance with Merck to research, develop and commercialize next-generation drugs for the treatment of pain and other disorders began in January 2004. The partnership enabled Merck and Neurogen to pool drug candidates targeting the type 1 vanilloid receptor (VR1), a key integrator of pain signals in the nervous system, and combine their ongoing VR1 programs to form a global research and development collaboration.
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Neurogen Corp., of Branford, Conn., promoted Charles Ritrovato to senior vice president of drug development and regulatory affairs, and Thomas Pitler to vice president of business development. August 9, 2004. BioWorld Today. (Subscription Required)
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In addition to its long relationship with Pfizer, Neurogen has partnered with the Wyeth-Ayerst Laboratories division of American Home Products on an epilepsy drug, but development was stopped due to safety questions. In 1995 Neurogen signed an agreement with Schering-Plough for research on disorders such as schizophrenia.
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The information in this press release contains certain forward-looking statements that involve risks and uncertainties as detailed from time to time in the SEC filings of Neurogen and American Home Products including the most recent Form 10-K. Actual results may differ materially from the statements made as a result of various factors, including, but not limited to, risks associated with the inherent uncertainty of pharmaceutical research, difficulties or delays in development, testing, regulatory approval, production and marketing of any prospective drug candidates, adverse side effects or inadequate therapeutic efficacy of such drug candidates, advancement of competitive products, patent, product liability and third party reimbursement risks associated with the pharmaceutical industry and, in the case of Neurogen, dependence on corporate partners and sufficiency of cash to fund planned operations.
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The increase in net loss reflects the impact of increased spending in Neurogen's clinical and preclinical drug development programs. Also impacting results was the adoption on January 1, 2006 of Statement of Financial Accounting Standards 123R, "Share-based Payment" (SFAS 123R), which resulted in a non-cash operating expense of approximately $1.0 million, or an effect of approximately $ 0.03 per share for the third quarter of 2006 and of approximately $3.5 million, or an effect of approximately $0.10 per share, for the nine month period.
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Neurogen may sell any combination of the Securities in one or more offerings and will receive all of the net proceeds from the sale of the Securities. Neurogen currently intends to use the net proceeds from the sale of any of the Securities for general corporate purposes, including funding research and development programs, capital expenditures, working capital, and repayment or refinancing of its debts.
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