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

d June 30, 2011 and June 30, 2010.

For the six months ended June 30, 2011, Neurologix reported a net loss of approximately $5.0 million, as compared with a net loss of approximately $8.0 million for the six months ended June 30, 2010. Net loss for the six months ended June 30, 2011 includes other income of approximately $2.7 million recognized for the change in estimated fair value of the Company's derivative financial instruments relating to certain warrants issued in connection with the Notes, the Series C Stock and the Series D Stock, as well as interest expense related to the Notes of approximately $2.7 million. Net loss for the six months ended June 30, 2010 included charges of approximately $2.6 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 six months ended June 30, 2011 of approximately $6.7 million, or $0.24 per basic and diluted share, as compared with a net loss applicable to common stock for the six months ended June 30, 2010 of approximately $9.5 million, or $0.34 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 $1.7 million, or $0.06 per basic and diluted share, for the six months ended June 30, 2011, and approximately $1.6 million, or $0.06 per basic and diluted share, for the six months ended June 30, 2010.

The Company had cash and cash equivalents of approximately $3.5 million as of June 30, 2011.

Clark A. Johnson, President and Chief Executive Officer of Neurologix, noted that these second quarter financial results were consistent with the Company's expectations. "Neurologix continues to advance the clinical development of NLX-P101, the Company's novel, investi
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SOURCE Neurologix, Inc.
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