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| NRGN > SEC Filings for NRGN > Form 8-K on 12-May-2009 | All Recent SEC Filings |
12-May-2009
Results of Operations and Financial Condition, Costs Associated with Exit or Dispos
On May 12, 2009, Neurogen Corporation issued a press release announcing its unaudited results of operations for the quarter ended March 31, 2009. The information contained in Exhibit 99.1 is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The information in Item 2.02 of this Current Report (including Exhibit 99.1) is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing to this Item 2.02.
On May 12, 2009, the Company announced that it had reduced its workforce by approximately 15 employees, representing approximately 50% of its staff positions, as part of its plan to conserve capital while it focuses on pursuing strategic alternatives, including a sale of the Company or a sale of its assets. Affected employees will be eligible for a severance package that includes severance pay, continuation of benefits and outplacement services. The Company estimates that the aggregate restructuring charges associated with the reduction will be approximately $0.9 million of which the majority will be paid in the second and third quarter of 2009.
On May 12, 2009, the Company announced that it is pursuing strategic alternatives including a sale of the Company or a sale of major assets and that it is taking additional steps to conserve capital while it pursues these options. In connection with this announcement it has suspended the enrollment of additional patients in its on-going Phase 2 studies for Parkinson's disease and Restless Leg Syndrome and eliminated approximately fifty percent of its staff positions.
(d) Exhibits.
99.1 Press Release, dated May 12, 2009
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