Neurologix reports net loss of $13.5M for year ended December 31, 2009

Neurologix, Inc. (OTCBB:NRGX), a biotechnology company engaged in the development of innovative therapies for the brain and central nervous system, today announced its financial results for the year ended December 31, 2009.

“this broadened coverage for Neurologix’s intellectual property in the field of gene-based medicine for neurological and central nervous system diseases reinforces our leadership position in this field, going beyond Parkinson’s disease to include other illnesses within our core therapeutic focus.”

For the year ended December 31, 2009, Neurologix reported a net loss of $13.5 million, as compared with a net loss of $6.3 million for the year ended December 31, 2008. The Company reported a net loss applicable to common stock for the year ended December 31, 2009 of $16.4 million, or $0.59 per basic and diluted share, as compared with a net loss applicable to common stock for the year ended December 31, 2008 of $9.7 million, or $0.35 per basic and diluted share.

The reason for the difference in net loss between December 2009 and December 2008 relates primarily to costs incurred for the conduct of the Company’s Phase 2 clinical trial in Parkinson’s disease. Net loss for the year ended December 31, 2009 also includes charges of $2.8 million recognized for the increase in estimated fair value of the Company’s derivative liabilities relating to certain warrants issued in connection with the Company’s Series D Convertible Preferred Stock (the “Series D Stock”) and the Company’s Series C Convertible Preferred Stock (the “Series C Stock”).

Net loss applicable to common stock for the year ended December 31, 2009 includes charges of $3.0 million, or $0.11 per basic and diluted share, related to preferred stock dividends in connection with the Series D Stock and the Series C Stock. The net loss applicable to common stock for the year ended December 31, 2008 included charges of $3.4 million, or $0.12 per basic and diluted share, related to preferred stock dividends ($2.6 million) and beneficial conversion features ($0.8 million) in connection with the issuance of the Series D Stock and Series C Stock.

The Company had cash and cash equivalents of approximately $9.6 million as of December 31, 2009.

Effective March 10, 2010, Clark A. Johnson, Vice Chairman of the Company’s Board of Directors, was appointed President and Chief Executive Officer. In commenting on the Company’s performance, Mr. Johnson said, “Neurologix ended 2009 reaching the significant milestone of having completed all of the planned surgical procedures in the Phase 2 trial of our novel treatment for advanced Parkinson’s disease. We anticipate getting the first evaluation of efficacy from this trial around mid-year, while we continue to follow the trial subjects for safety and efficacy for a full 12 months post-procedure. We are hopeful that the results from this Phase 2 clinical trial will confirm and build upon the success of our previous Phase 1 trial, which showed no treatment-related serious adverse events and demonstrated functional benefit that was confirmed by brain imaging data.”

During the first quarter of 2010, the U.S. Patent and Trademark Office (USPTO) expanded patent protection for Neurologix’s novel GAD-based gene delivery system beyond the treatment of Parkinson’s disease to include other neurological and related disorders. Moreover, the USPTO gave the Company a Notice of Allowance for intellectual property central to Neurologix’s approach to the treatment of epilepsy based on delivery of the NPY gene to control seizures. Mr. Johnson noted that “this broadened coverage for Neurologix’s intellectual property in the field of gene-based medicine for neurological and central nervous system diseases reinforces our leadership position in this field, going beyond Parkinson’s disease to include other illnesses within our core therapeutic focus.”

Source Neurologix, Inc.

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