FORT LEE, N.J.--(BUSINESS WIRE)--May 11, 2006--Neurologix, Inc. (OTCBB: NRGX - News), a biotech company engaged in the research and development of innovative gene therapies for the brain and central nervous system, announced today that it completed a private placement of $12 million of its newly created Series C Convertible Preferred Stock at a price of $35.00 per share. Each share of Series C Stock is convertible into 19.66 shares of common stock. The purchasers in the transaction were the General Electric Pension Trust, the DaimlerChrysler Corporation Master Retirement Trust and certain funds managed by ProMed Management, Inc. In addition, the Company issued warrants to purchase 2,224,719 shares of its common stock at an exercise price of $2.05 per share. The proceeds from the transaction, net of expenses, will be used for working capital and corporate purposes.
