Neurologix Reports Third Quarter 2010 Financi... ( FORT LEE N.J. Nov. 12 2010 /- Neurolo...)

Neurologix Reports Third Quarter 2010 Financial Results

Date:11/12/2010

FORT LEE, N.J., Nov. 12, 2010 /PRNewswire-FirstCall/ -- Neurologix, Inc. (OTC Bulletin Board: NRGX) (the "Company"), a biotechnology company developing innovative gene therapies for the brain and central nervous system ("CNS"), today reported its financial results for the three and nine months ended September 30, 2010.

"We are excited about the proven potential of NLX-P101, our Parkinson's disease gene therapy product, and continue to move forward with further definitive development," said Clark A. Johnson, President and Chief Executive Officer of the Company. "Additionally, landmark research recently published in the journal Science Translational Medicine utilized our exclusively licensed gene therapy approach to demonstrate the importance of the p11 gene in modulating depression in mice, reversing depressive behavior of animals lacking the p11 gene. We are extremely excited by these results, which support expanded possibilities for the development of p11 gene therapy for therapeutic use, and consider them a testament to the future commercial success of our gene therapy platform in diseases of the brain."

For the three months ended September 30, 2010, the Company reported a net loss of $2.3 million, as compared with a net loss of $3.5 million for the three months ended September 30, 2009. Net loss for the third quarter of 2010 includes charges for the change in estimated fair value of derivative financial instruments related to warrants previously issued in connection with the Company's Series C Convertible Preferred Stock (the "Series C Stock") and the Company's Series D Convertible Preferred Stock (the "Series D Stock") of $0.3 million. Net loss for the third quarter of 2009 includes income for the change in estimated fair value of derivative financial instruments related to warrants previously issued in connection with the Seri
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SOURCE Neurologix, Inc.
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