Branford-based Neurogen Corp., a drug development company, reported a $16.5 million net loss for the first quarter of 2008 compared to a net loss during the first quarter of 2007 of $19.3 million.
Neurogen had no operating revenue for the first quarter of 2008, compared to $2.4 million for the comparable period of 2007. The decrease in operating revenue for the quarter was due to the conclusion of the research component of Neurogen’s VR1 collaboration with Merck. This collaboration is now focused on the development of candidates previously discovered in the companies’ joint research program.
 “Since the beginning of the year, we have made important strides to unlock the value of our clinical development portfolio,” Stephen R. Davis, president and CEO of Neurogen, said in a statement. “We restructured to focus on four important clinical programs, we raised additional capital to advance these programs and we commenced Phase 2 studies in Parkinson’s disease and restless legs syndrome.”
