Neurogen Corporation Names CEO Successor

BRANFORD, Conn.--(BUSINESS WIRE)--Neurogen Corporation (Nasdaq: NRGN - News), a small molecule drug discovery and development company, announced today that Stephen R. Davis, previously Executive Vice President and Chief Operating Officer, has been appointed President, effective immediately. As part of on-going succession planning by Neurogen's Board of Directors, he has also been selected as the eventual successor to William H. Koster, CEO of Neurogen.

The Company also announced that Dr. Stephen Uden has resigned his position as Executive Vice President, Head of R&D, to pursue other interests.

Dr. Koster said, "I'm extremely pleased to announce that Steve Davis is assuming the role of President of Neurogen. He has played key roles in the operations of Neurogen for thirteen years, and his contributions have been central to building the Company. He established, with large pharmaceutical companies, drug discovery and development partnerships valued at over $400 million and has also guided the Company in raising over $200 million in equity financings, as well as providing critical business and marketing perspectives to our scientific decisions. Steve and I continue to work closely together and I am delighted to have him take on his expanded role. Appointing Steve as my eventual successor provides the Company with continuity and strength in its management structure.

"I also want to take this opportunity to thank Steve Uden for his contributions to the Company. Steve has built a strong drug development infrastructure to complement Neurogen's considerable drug discovery capabilities. We wish him the very best with his future ventures."

Mr. Davis has been responsible for the business operations of Neurogen, including the business development, finance, and legal functions of the Company. Prior to joining Neurogen as Chief Financial Officer in 1994, he practiced as a corporate and securities attorney with Milbank, Tweed, Hadley and McCloy. At Milbank, Mr. Davis focused on transactions which raised capital in public and private markets for established companies, as well as the formation of numerous joint ventures and alliances. He began his career with Arthur Andersen & Co., where he focused on auditing and advising clients in regulated industries.

Mr. Davis holds a B.S. in accounting from Southern Nazarene University and a J.D. from Vanderbilt University.

About Neurogen

Neurogen Corporation is a drug discovery and development company focusing on small molecule drugs to improve the lives of patients suffering from disorders with significant unmet medical need, including insomnia, obesity, pain, Parkinson's disease, and restless legs syndrome (RLS). Neurogen conducts its research and development independently and, when advantageous, collaborates with world-class pharmaceutical companies to access additional resources and expertise.

Neurogen Safe Harbor Statement

The information in this press release contains certain forward-looking statements, made pursuant to applicable securities laws, which involve risks and uncertainties as detailed from time to time in Neurogen's SEC filings, including its most recent 10-K. Such forward-looking statements relate to activities, events or developments that Neurogen believes, expects or anticipates will occur in the future and include, but are not limited to, earnings estimates, statements that are not historical facts relating to Neurogen's future financial performance, its growth and business expansion, its financing plans, the timing and occurrence of anticipated clinical trials, and potential collaborations or extensions of existing collaborations. These statements are based on certain assumptions made by Neurogen based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from those expressed or implied by such forward-looking statements as a result of various factors, including, but not limited to, risks associated with the inherent uncertainty of drug research and development, difficulties or delays in development, testing, regulatory approval, production and marketing of any of Neurogen's drug candidates, adverse side effects or inadequate therapeutic efficacy or pharmacokinetic properties of Neurogen's drug candidates or other properties of drug candidates which could make them unattractive for commercialization, advancement of competitive products, dependence on corporate partners, Neurogen's ability to retain key employees, sufficiency of cash to fund Neurogen's planned operations and patent, product liability and third party reimbursement risks associated with the pharmaceutical industry. Although Neurogen believes that its expectations are based on reasonable assumptions, it can give no assurance that the anticipated results will occur. For such statements, Neurogen claims the protection of applicable laws. Future results may also differ from previously reported results. For example, positive results or safety and tolerability in one clinical study provides no assurance that this will be true in future studies. Forward-looking statements represent the judgment of Neurogen's management as of the date of this release and Neurogen disclaims any intent and does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required under applicable law.

Contact: Neurogen Corp. Elaine Grimsell Dodge, 203-315-4615

Source: Neurogen Corporation

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