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Neurologix Reports Third Quarter 2010 Financial Results
Date:11/12/2010

es C Stock and the Series D Stock of $0.7 million.

The Company reported a net loss applicable to common stock for the third quarter of 2010 of $3.1 million, or $0.11 per basic and diluted share, which includes charges of $0.8 million, or $0.03 per basic and diluted share, related to preferred stock dividends in connection with the Company's Series C Stock and Series D Stock.  For the same period in 2009, the Company reported a net loss applicable to common stock of $4.2 million, or $0.15 per basic and diluted share, which included charges related to preferred stock dividends in connection with the Series C Stock and the Series D Stock of $0.8 million, or $0.03 per basic and diluted share.

For the nine months ended September 30, 2010, the Company reported a net loss of $10.3 million, as compared with a net loss of $10.6 million for the nine months ended September 30, 2009.  Net loss includes charges for the change in estimated fair value of derivative financial instruments related to warrants previously issued in connection with the issuance of the Series C Stock and the Series D Stock of $2.9 million and $2.7 million for the first nine months of 2010 and 2009, respectively.  The Company reported a net loss applicable to common stock for the nine months ended September 30, 2010, of $12.6 million, or $0.45 per basic and diluted share, which includes charges of $2.4 million, or $0.09 per basic and diluted share, related to preferred stock dividends in connection with the Series C Stock and the Series D Stock.  For the nine months ended September 30, 2009, the Company reported a net loss applicable to common stock of $12.8 million, or $0.46 per basic and diluted share, which included charges of $2.2 million, or $0.08 per basic and diluted share, related to preferred stock dividends in connection with the Series C Stock and the Series D Stock.

Neurologix had cash and cash equivalents of $3 million at September 30, 2010.

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SOURCE Neurologix, Inc.
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