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Neurologix Announces Second Quarter 2011 Financial Results
Date:8/11/2011

FORT LEE, N.J., Aug. 11, 2011 /PRNewswire/ -- Neurologix, Inc. (OTCBB: NRGX), a biotechnology company engaged in the development of innovative gene therapies for disorders of the brain and central nervous system, today announced its financial results for the three and six months ended June 30, 2011.

For the three months ended June 30, 2011, Neurologix reported a net loss of approximately $3.0 million, as compared with a net loss of approximately $4.5 million for the three months ended June 30, 2010. Net loss for the three months ended June 30, 2011 includes other income of approximately $1.3 million recognized for the change in estimated fair value of the Company's derivative financial instruments relating to certain warrants issued in connection with promissory notes issued by the Company in December 2010 (the "Notes"), the Company's Series D Convertible Preferred Stock (the "Series D Stock") and the Company's Series C Convertible Preferred Stock (the "Series C Stock"). The second quarter 2011 net loss also includes interest expense related to the Notes of approximately $1.4 million. Net loss for the three months ended June 30, 2010 included charges of approximately $2.2 million recognized for the change in estimated fair value of the Company's derivative financial instruments relating to warrants issued in connection with the Series D Stock and the Series C Stock.

The Company reported a net loss applicable to common stock for the three months ended June 30, 2011 of approximately $3.8 million, or $0.14 per basic and diluted share, as compared with a net loss applicable to common stock for the three months ended June 30, 2010 of approximately $5.3 million, or $0.19 per basic and diluted share. Net loss applicable to common stock includes charges related to preferred stock dividends in connection with the Series D Stock and the Series C Stock of approximately $0.8 million, or $0.03 per basic and diluted share, for each of the three months ende
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SOURCE Neurologix, Inc.
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