NeurogesX Reports First Quarter 20...(irst Quarter 2008 Financial Results T...)

Total operating expenses for the first quarter of 2008 were approximately $8.3 million, including $399,000 of non-cash stock-based compensation expense, compared to total operating expenses of approximately $7.8 million, including $830,000 of non-cash stock-based compensation, for the first quarter of 2007. The increase in operating expenses was attributable to increased regulatory expenses in support of our MAA filing and preparation for an NDA filing later this year, higher general and administrative expenses due to increased infrastructure in support of NeurogesX' growth and the costs of being a public company as well as increased marketing expenses as the Company prepares for the possibility of transitioning to a commercial enterprise. These increases were partially offset by a decrease in clinical study related costs associated with NGX-4010.

Net loss for the first quarter of 2008 was approximately $8.0 million compared to a net loss of $7.9 million for the first quarter of 2007. Net loss per share attributable to common stockholders, was $0.46 per share and $17.25 per share for the three months ended March 31, 2008 and 2007, respectively, based on weighted average shares outstanding of 17,468,395 and 658,364, respectively. The net loss per share attributable to common stockholders in the three months ended March 31, 2007 included a non-cash charge for accretion of preferred stock to redemption value. The weighted average shares used in computing loss per share attributable to common stockholders exclude anti-dilutive securities such as stock options and warrants and also redeemable preferred stock in periods prior to their conversion to common stock upon completion of NeurogesX' initial public offering in May 2007.

Cash, cash equivalents and short-term investments were $46.4 million as of March 31, 2008.

Conference Call Details

The Company will hold a conference call today at 9:00 a.m. East
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