Neurologix third quarter net loss decreases to $2.3 million

Neurologix, Inc. (OTC Bulletin Board: NRGX) (the "Company"), a biotechnology company developing innovative gene therapies for the brain and central nervous system ("CNS"), today reported its financial results for the three and nine months ended September 30, 2010.

"We are excited about the proven potential of NLX-P101, our Parkinson's disease gene therapy product, and continue to move forward with further definitive development," said Clark A. Johnson, President and Chief Executive Officer of the Company.  "Additionally, landmark research recently published in the journal Science Translational Medicine utilized our exclusively licensed gene therapy approach to demonstrate the importance of the p11 gene in modulating depression in mice, reversing depressive behavior of animals lacking the p11 gene.  We are extremely excited by these results, which support expanded possibilities for the development of p11 gene therapy for therapeutic use, and consider them a testament to the future commercial success of our gene therapy platform in diseases of the brain."

For the three months ended September 30, 2010, the Company reported a net loss of $2.3 million, as compared with a net loss of $3.5 million for the three months ended September 30, 2009.  Net loss for the third quarter of 2010 includes charges for the change in estimated fair value of derivative financial instruments related to warrants previously issued in connection with the Company's Series C Convertible Preferred Stock (the "Series C Stock") and the Company's Series D Convertible Preferred Stock (the "Series D Stock") of $0.3 million.  Net loss for the third quarter of 2009 includes income for the change in estimated fair value of derivative financial instruments related to warrants previously issued in connection with the Series C Stock and the Series D Stock of $0.7 million.

The Company reported a net loss applicable to common stock for the third quarter of 2010 of $3.1 million, or $0.11 per basic and diluted share, which includes charges of $0.8 million, or $0.03 per basic and diluted share, related to preferred stock dividends in connection with the Company's Series C Stock and Series D Stock.  For the same period in 2009, the Company reported a net loss applicable to common stock of $4.2 million, or $0.15 per basic and diluted share, which included charges related to preferred stock dividends in connection with the Series C Stock and the Series D Stock of $0.8 million, or $0.03 per basic and diluted share.

For the nine months ended September 30, 2010, the Company reported a net loss of $10.3 million, as compared with a net loss of $10.6 million for the nine months ended September 30, 2009.  Net loss includes charges for the change in estimated fair value of derivative financial instruments related to warrants previously issued in connection with the issuance of the Series C Stock and the Series D Stock of $2.9 million and $2.7 million for the first nine months of 2010 and 2009, respectively.  The Company reported a net loss applicable to common stock for the nine months ended September 30, 2010, of $12.6 million, or $0.45 per basic and diluted share, which includes charges of $2.4 million, or $0.09 per basic and diluted share, related to preferred stock dividends in connection with the Series C Stock and the Series D Stock.  For the nine months ended September 30, 2009, the Company reported a net loss applicable to common stock of $12.8 million, or $0.46 per basic and diluted share, which included charges of $2.2 million, or $0.08 per basic and diluted share, related to preferred stock dividends in connection with the Series C Stock and the Series D Stock.

Neurologix had cash and cash equivalents of $3 million at September 30, 2010.

Source:

Neurologix, Inc.

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