Neurogen Proprietary Insomnia Compound Data to Be Presented at Associated Professional Sleep Societies Annual Meeting

Business Wire, June 4, 2007

BRANFORD, Conn. -- Neurogen Corporation (Nasdaq: NRGN) today announced that data from previous Phase 1 and Phase 2a clinical studies for NG2-73, the Company's lead compound for the treatment of insomnia, will be presented in three sessions at the SLEEP 2007 Annual Meeting of the Associated Professional Sleep Societies (APSS) in Minneapolis, Minnesota on June 11 and 13. Two Phase 2b clinical studies with NG2-73 in chronic insomnia patients are currently being conducted by the Company.

Data to be presented at the APSS meeting at the Minneapolis Convention Center include the following:

Monday, June 11, 2007
"Safety and Tolerability in Early Phase I Studies of NG2-73, a Novel
GABA(A) Sleep Agent"
(Abstract number 0116)
Poster presentation, 10:15 - 11:15 a.m. CDT
Exhibit Hall B

Wednesday, June 13, 2007
"Effects of NG2-73 on Sleep Onset, Quality and Next Day Function in a
Transient Insomnia Study"
(Abstract number 0705)
Poster presentation, 10:15 - 11:15 a.m. CDT
Exhibit Hall B

"Pharmacokinetic-Pharmacodynamic Effects of NG2-73, a Novel GABA(A)
Agonist, and Zolpidem"
(Abstract number 0118)
Oral presentation, 2:15 -2:30 p.m. CDT
This presentation will be included in the session entitled "030:
Hypnotic Alcohol Pharmacology."

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, restless legs syndrome (RLS), and depression. 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.