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news.Neurogen Corporation has announced an increase in net loss in the third quarter of this year, building on a general trend of increased loss in 2005 due to lower operating revenue and increased R&D spending.
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The increase in R&D expenses for the quarter is due mainly to continued progress in Neurogen’s proprietary clinical program in insomnia and in its preclinical programs for depression and obesity.
The decrease in operating revenue is due primarily to lower license fees and research funding as a result of the termination in December 2004 of the company’s collaboration with Sanofi-Aventis to develop CRF-based drugs to treat stress-related disorders, following the merger of Sanofi-Synthelabo and Aventis Pharma.
Neurogen recorded a net loss for the third quarter of 2005 of $9.5 million, or $0.28 per share. This compares to a net loss during the third quarter of 2004 of $4.5 million, or $0.13 per share.
Operating revenue for the nine months ended September 30, 2005 was $5.9 million compared to $13.5 million for the comparable period of 2004.
“As we head into the final quarter of this year, I believe we’re well positioned for considerable expansion of our portfolio over the remainder of 2005 and during 2006,” said William Koster, president and CEO. “During the third quarter, we announced phase I, first-in-human results for our lead insomnia compound, NG2-73, and we are moving forward with compounds in preclinical development in our pain, depression, and obesity programs.