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NeurogesX Reports Fourth Quarter and Year-End 2008 Results
Date:3/20/2009

fourth quarter and full-year 2008, respectively, reflected the substantial completion of Phase 3 clinical trials of Qutenza in 2007, which were required to support the NDA and MAA. Further year-over-year spending reductions resulted from the Company's decision to defer development programs in order to focus resources on regulatory processes and to continue preparations for potential commercialization of Qutenza in both Europe and the United States.

Net loss for the fourth quarter of 2008 was approximately $4.8 million, compared to a net loss of $7.9 million for the fourth quarter of 2007. Net loss per share attributable to common stockholders was $0.27 per share and $0.58 per share for the three months ended December 31, 2008 and 2007, respectively, based on weighted average shares outstanding of 17,553,133 and 13,570,572, respectively.

For the 12 months ended December 31, 2008, net loss was approximately $26.0 million, compared to a net loss of $32.0 million for the same period of 2007. Net loss per share attributable to common stockholders was $1.49 per share and $4.06 per share for the 12 months ended December 31, 2008 and 2007, respectively, based on weighted average shares outstanding of 17,519,415 and 9,017,627, respectively. The weighted average shares used in computing loss per share attributable to common stockholders for the fourth quarter and full year 2008 exclude anti-dilutive securities, such as stock options and warrants. For the full year 2008, weighted average shares used in computing loss per share attributable to common stockholders also excluded redeemable preferred stock in periods prior to their conversion to common stock upon completion of NeurogesX' initial public offering in May 2007.

Cash, cash equivalents and short-term investments were approximately $24.5 million at December 31, 2008, compared to $30.8 million at September 30, 2008.

Stephen Ghiglieri, CFO, comm
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SOURCE NeurogesX, Inc.
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