FORT LEE, N.J., May 13, 2011 /PRNewswire/ — Neurologix,
Inc. (OTCBB: NRGX), a biotechnology company engaged in the
development of innovative gene therapies for disorders of the brain
and central nervous system, today announced its financial results
for the three months ended March 31, 2011.
For the three months ended March 31, 2011, Neurologix reported a
net loss of $2.1 million, as compared with a net loss of $3.5
million for the three months ended March 31, 2010. The Company
reported a net loss applicable to common stock for the three months
ended March 31, 2011 of $2.9 million, or $0.10 per basic and
diluted share, as compared with a net loss applicable to common
stock for the three months ended March 31, 2010 of $4.3 million, or
$0.15 per basic and diluted share.
Net loss for the three months ended March 31, 2011 includes
other income of $1.3 million recognized for the change in estimated
fair value of the Company’s derivative liabilities relating to
certain warrants issued in connection with promissory notes issued
by the Company in December 2010 (the “Notes”), as well as the
Company’s Series D Convertible Preferred Stock (the “Series D
Stock”) and the Company’s Series C Convertible Preferred Stock (the
“Series C Stock”). The first quarter 2011 net loss also
includes interest expense related to the Notes of $1.4 million.
Net loss for the three months ended March 31, 2010 included
charges of $0.4 million recognized for the change in estimated fair
value of the Company’s derivative liabilities relating to warrants
issued in connection with the Series D Stock and the Series C
Stock.
Net loss applicable to common stock for the three months ended
March 31, 2011 includes charges of $0.8 million, or $0.03 per basic
and diluted share, related to preferred stock dividends in
connection with the Series D Stock and the Series C Stock. The net
loss applicable to common stock for the three months ended March
31, 2010 included ch
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