NeurogesX Announces Resignation of Bruce A. Peacock from Board of... ( ...)

NeurogesX Announces Resignation of Bruce A. Peacock from Board of Directors

Date:7/17/2009

SAN MATEO, Calif., July 17 /PRNewswire-FirstCall/ -- NeurogesX, Inc. (Nasdaq: NGSX) announced today that Bruce A. Peacock has resigned from his roles as Audit Committee chairman and director to focus on his responsibilities as CEO of privately-held Alba Therapeutics.

Mr. Peacock commented, "While there is no opportune time to resign, I feel confident that NeurogesX is well positioned following the recent E.U. approval of Qutenza(TM) and the partnership with Astellas Pharma Europe Ltd. to commercialize Qutenza in Europe, and for the ongoing NDA review in the United States. In the wake of these accomplishments I am comfortable leaving NeurogesX while I focus more of my energies on Alba Therapeutics."

Tony DiTonno, NeurogesX CEO commented, "We would like to thank Bruce for all his contributions to NeurogesX during the initial regulatory approval and E.U. partnership discussions surrounding Qutenza. We are disappointed in his resignation but certainly understand the rationale and wish him well in his future endeavors."

Following Mr. Peacock's departure NeurogesX has received a Nasdaq Staff Deficiency Letter dated July 14, 2009 indicating that the company fails to comply with Nasdaq's audit committee composition requirements for continued listing as set forth in Listing Rule 5605(c)(2)(A), which requires that the company's Audit Committee be comprised of at least three members, each of whom are independent.

Consistent with Listing Rule 5605(c)(4)(B) the company has until the earlier of its next annual shareholders' meeting or June 29, 2010 to name a third director as a member of the Audit Committee so that the company regains compliance with the requirements of Listing Rule 5605(c)(2)(A).

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