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

pectively. The weighted average shares used in computing loss per share attributable to common stockholders exclude anti-dilutive securities such as stock options and warrants.

Cash, cash equivalents and short-term investments were approximately $30.8 million as of September 30, 2008, compared to $38.0 million at June 30, 2008.

Stephen Ghiglieri, CFO, commented, "In this difficult financial market, we are dedicating our financial resources primarily to obtain marketing approvals for NGX-4010. By pursuing this focused strategy, we believe our existing cash resources are sufficient to move us through expected regulatory decisions in both the U.S. and Europe, and potentially into early 2010. Our objective is to ensure an effective launch of NGX-4010, if approved, in both Europe and the United States. We intend to achieve this through effective cost management, including a near-term focus on activities for NGX-4010 that support the ongoing regulatory review processes and our reimbursement strategies and through commercial partnerships and other non-equity sources of funding. In addition, we anticipate that these other sources of funding could create opportunities to more rapidly advance our development initiatives in addition to effectively launching NGX-4010 in the United States. Given the current state of the equity markets, we have no current intention to raise equity capital in the public markets."

Clinical Development Update

NeurogesX' near-term clinical focus is to secure regulatory approvals of the NDA and MAA for NGX-4010. Regarding the potential for additional clinical studies in HIV-DSP and/or PDN, NeurogesX continues to evaluate the appropriate scope and nature of future studies, if any, in these indications. The timing for initiating such studies will be based in part on availability of financial resources.

NGX-1998, the Company's second-generation, liquid formulation of high-concentration capsaicin (10% trans-capsaicin) is
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SOURCE NeurogesX, Inc.
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