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NeurogesX Reports Third Quarter 2008 Results
Date:11/6/2008

NGX-4010 has the potential to receive a decision from the EMEA in the first half of 2009 and we anticipate the PDUFA date from the FDA for the NGX-4010 NDA to be in the second half of 2009. In preparation for the potential commercialization of NGX-4010 in Europe, we remain focused on securing a European commercialization partner. In the United States, while we remain confident that NGX-4010 for the management of pain associated with PHN can be launched effectively and efficiently using our own sales force targeting leading pain specialists, the current economic environment has prompted us to evaluate possible commercial partnerships for the potential U.S. launch of NGX-4010."

Third Quarter 2008 Financial Results

Total operating expenses for the third quarter of 2008 were approximately $6.3 million, including $373,000 of non-cash stock-based compensation expense, compared to approximately $9.5 million, including $389,000 of non-cash stock-based compensation expense, for the third quarter of 2007. The decrease in operating expenses was primarily attributed to lower costs associated with clinical studies of NGX-4010 as the Company had no large-scale clinical studies ongoing during the quarter. Partially offsetting lower clinical costs were increased internal regulatory expenses to support the submission of a new drug application for NGX-4010 in PHN with the FDA, increased expenses related to pre-commercialization activities for NGX-4010 and higher general and administrative expenses due to increased spending on general infrastructure and to support being a public company.

Net loss for the third quarter of 2008 was approximately $6.3 million, compared to a net loss of $9.2 million for the third quarter of 2007. Net loss per share attributable to common stockholders was $0.36 per share and $0.68 per share for the three months ended September 30, 2008 and 2007, respectively, based on weighted average shares outstanding of 17,538,886 and 13,429,471 res
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