Neurologix, Inc. (OTCBB:NRGX) announced today its financial results for the second quarter and six months ended June 30, 2009.
For the three months ended June 30, 2009, the Company reported a net loss of $2.2 million, as compared with a net loss of $1.4 million for the three months ended June 30, 2008. The Company reported a net loss applicable to common stock for the second quarter of 2009 of $3.0 million, or $0.11 per basic and diluted share, as compared with a net loss applicable to common stock of $2.8 million, or $0.10 per basic and diluted share, for the same period in 2008.
The net loss applicable to common stock for the three months ended June 30, 2009 includes charges of $0.7 million, or $0.03 per basic and diluted share, related to preferred stock dividends in connection with 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”). For the three months ended June 30, 2008, the net loss applicable to common stock includes charges of $1.4 million, or $0.05 per basic and diluted share, related to the accretion of beneficial conversion features ($0.8 million) in connection with the issuance of the Series D Stock in April 2008, as well as preferred stock dividends ($0.6 million) in connection with the Series D Stock and the Series C Stock.
For the six months ended June 30, 2009, the Company reported a net loss of $7.1 million, as compared with a net loss of $3.3 million for the six months ended June 30, 2008. The Company reported a net loss applicable to common stock for the six months ended June 30, 2009, of $8.6 million, or $0.31 per basic and diluted share, as compared with $5.3 million, or $0.19 per basic and diluted share, for the same period in 2008. For the six months ended June 30, 2009, the net loss applicable to common stock includes charges of $1.5 million, or $0.05 per basic and diluted share, related to preferred stock dividends in connection with the Series D Stock and the Series C Stock. For the six months ended June 30, 2008, the net loss applicable to common stock includes charges of $2.0 million, or $0.07 per basic and diluted share, related to the accretion of beneficial conversion features ($0.8 million) in connection with the issuance of the Series D Stock in April 2008, and preferred stock dividends ($1.2 million) in connection with the Series D Stock and the Series C Stock.
Neurologix had cash and cash equivalents of approximately $14.7 million at June 30, 2009. John Mordock, President and Chief Executive Officer of Neurologix, noted that these financial results were consistent with the Company’s expectations, and further, that Neurologix’s Phase 2 clinical trial in advanced Parkinson’s disease is proceeding on schedule. “In June, the Data Monitoring Committee (a group of independent medical experts with responsibility for reviewing and evaluating the safety data generated from this trial) completed their review of all data to date from the first seven patients enrolled in the trial and recommended the continuation of the trial,” said Mr. Mordock. “We expect to conclude the surgeries for the trial in the second half of 2009 and to announce initial efficacy data in the first half of 2010.”