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NeurogesX Reports First Quarter 2009 Results
Date:5/7/2009

United States.

Net loss for the first quarter of 2009 was approximately $4.6 million, compared to a net loss of approximately $8.0 million for the first quarter of 2008. Net loss per share attributable to common stockholders was $0.26 per share and $0.46 per share for the three months ended March 31, 2009 and 2008, respectively, based on weighted average shares outstanding of 17,568,600 and 17,468,395 respectively.

Cash, cash equivalents and short-term investments were approximately $18.8 million at March 31, 2009, compared to $24.5 million at December 31, 2008.

Stephen Ghiglieri, CFO, commented, "We have focused our cash resources to prosecute our MAA and NDA for Qutenza and to support strategies for obtaining adequate reimbursement for Qutenza in the United States, while deferring further clinical development of Qutenza, NGX-1998 and our preclinical prodrug development programs. As a result of our conservative cost management strategy, we believe that our cash runway is sufficient to last at least until December 31, 2009. Potential near-term proceeds from a European commercial partnership, which we expect to finalize in the first half of 2009, would provide additional runway and have not been accounted for in our current cash forecast. As we pursue European and U.S. commercial partnerships, and other non-equity based sources of funding, we do not currently intend to raise equity capital in the public markets at our present valuation."

Development Update

Currently, NeurogesX is primarily focused on completing the development through regulatory approval, of Qutenza for patients with PHN in the United States and for peripheral neuropathic pain in non-diabetic adults in the E.U.

The CHMP's positive opinion recommending E.U. approval of Qutenza for the treatment of peripheral neuropathic pain in non-diabetic adults, either alone or in combination wi
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SOURCE NeurogesX, Inc.
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