Neurogen Announces Continuing Preclinical and Clinical Development Work and Conclusion of Research Component of Collaboration for Investigational Pain Drug
Through the alliance, Neurogen and Merck have generated a broad spectrum of chemical intellectual property and several leading drug candidates, including MK-2295, which is one of several drug candidates Merck is evaluating as a result of its exclusive worldwide alliance with Neurogen.
Merv Turner, PhD, Senior Vice President, Worldwide Licensing and External Research at Merck said, "This alliance has drawn on the respective strengths of Merck and Neurogen and has positioned us effectively to advance compounds into additional Phase 2 proof of concept studies. Neurogen has proved to be an exceptional research partner and we continue to be very excited about the potential for VR-1 in the treatment of multiple disease areas. We plan to further assess this promising, novel mechanism and the candidates we have developed."
William H. Koster, PhD, President and CEO of Neurogen, said, "We're very encouraged by the continuing progress with MK-2295 (aka NGD 8243) and we look forward to Merck's further results in the clinic. We've anticipated the conclusion of the research program--and we've been pleased to employ our drug discovery engine in the creation of such extensive chemical matter for this new target."
Neurogen and Merck entered into the collaboration in December 2003. As described in Neurogen SEC filings, the initial term of the research component of the collaboration was scheduled to expire in December 2006. In September 2006, the companies agreed to extend the research program on a rolling 90-day basis at Merck's option. The companies will now conclude the research program in August.
Webcast
Neurogen will host a conference call and webcast to discuss this announcement at 10:00 ET today. The webcast will be available in the Investor Relations section of www.neurogen.com and will also be archived there. A replay of the call will be available after 1:00 pm ET today and accessible through the close of business, June 19, 2007. To replay the conference call, dial 888-286-8010, or for international callers, 617-801-6888, and use the pass code: 19625655.
About Neurogen
Neurogen Corporation is a drug discovery and development company focusing on small molecule drugs to improve the lives of patients suffering from disorders with significant unmet medical need, including insomnia, obesity, pain, Parkinson's disease, restless legs syndrome (RLS), and depression. Neurogen conducts its research and development independently and, when advantageous, collaborates with world-class pharmaceutical companies to access additional resources and expertise.
Neurogen Safe Harbor Statement
The information in this press release contains certain forward-looking statements, made pursuant to applicable securities laws, which involve risks and uncertainties as detailed from time to time in Neurogen's SEC filings, including its most recent 10-K. Such forward-looking statements relate to activities, events or developments that Neurogen believes, expects or anticipates will occur in the future and include, but are not limited to, earnings estimates, statements that are not historical facts relating to Neurogen's future financial performance, its growth and business expansion, its financing plans, the timing and occurrence of anticipated clinical trials, and potential collaborations or extensions of existing collaborations. These statements are based on certain assumptions made by Neurogen based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from those expressed or implied by such forward-looking statements as a result of various factors, including, but not limited to, risks associated with the inherent uncertainty of drug research and development, difficulties or delays in development, testing, regulatory approval, production and marketing of any of Neurogen's drug candidates, adverse side effects or inadequate therapeutic efficacy or pharmacokinetic properties of Neurogen's drug candidates or other properties of drug candidates which could make them unattractive for commercialization, advancement of competitive products, dependence on corporate partners, Neurogen's ability to retain key employees, sufficiency of cash to fund Neurogen's planned operations and patent, product liability and third party reimbursement risks associated with the pharmaceutical industry. Although Neurogen believes that its expectations are based on reasonable assumptions, it can give no assurance that the anticipated results will occur. For such statements, Neurogen claims the protection of applicable laws. Future results may also differ from previously reported results. For example, positive results or safety and tolerability in one clinical study provides no assurance that this will be true in future studies. Forward-looking statements represent the judgment of Neurogen's management as of the date of this release and Neurogen disclaims any intent and does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required under applicable law.
Contact
Neurogen Corp.
Elaine Grimsell Dodge, 203-315-4615
edodge@nrgn.com
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