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Executive Summary

NEUROGEN PLANNING 1992 IND FILING FOR LEAD ANXIOLYTIC compound NGD91-1, the CNS start-up announced in a secondary stock offering. The four-year-old firm expects to initiate in vivo toxicological evaluation of the anxiety-reducing drug candidate in the third quarter of 1991 with the goal of beginning human clinical trials in 1992. In rat and primate studies, NGD91-1 has demonstrated a nonsedating profile, Neurogen said. The compound interacts with a targeted gamma-aminobutyric acid (GABA) receptor subtype that Neurogen believes is "involved in mediating the anxiolytic actions of selected compounds" and does not appear to bind to over 30 other neurotransmitters that might cause undesirable side effects associated with currently available anxiolytics. Neurogen's anxiolytics program is the most advanced of the four-year-old firm's five research areas, which also include hypnotics, antipsychotics, antidepressents and neurodegenerative diseases. Neurogen expects to select a lead hypnotic drug candidate in 1992, possibly based on information from its anxiolytic research. Proceeds from the secondary offering of 2 mil. shares, combined with $ 4.1 mil. remaining from previous financings, should fund operations for the next 20 to 24 months, the May 24 prospectus notes. Neurogen has raised $ 17.9 mil. in three private placements and its mid-1989 initial offering of 1.2 mil. shares ("The Pink Sheet" July 31, 1989, T&G-8). Allen & Co. is underwriting the latest offering. Following the offering, Neurogen will have approximately 7.8 mil. shares outstanding. The largest shareholders both before and after the secondary offering are the Blech brothers, David and Isaac. They will own 19.9% and 16.2% of the company, respectively. David Blech has been on the board of directors since May 23. Branford, Conn.-based Neurogen has spent $ 5 mil. to construct a 20,000 sq. ft. lab and administrative facility and expects to spend an additional $ 3 mil. for more lab space within the next one to three years. The firm has 30 full-time employees, 22 of whom are scientists.

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