Neurogen Corporation's Auditors Expressed Going Concern Qualification

Business Wire, March 23, 2008

BRANFORD, Conn. -- Neurogen Corporation (Nasdaq:NRGN) announced today that in its 2007 financial statements included in the Company's Annual Report on Form 10-K, the auditor's opinion contained a "going concern" qualification. NASDAQ's marketplace rules require NASDAQ-listed companies to publicly announce the receipt of an audit opinion containing a "going concern" qualification.

About Neurogen

Neurogen Corporation is a drug discovery and development company with clinical programs in insomnia, Parkinson's disease, Restless Legs Syndrome (RLS), pain, anxiety, and schizophrenia. Neurogen focuses its small molecule drug discovery efforts on specialist care indications with great unmet medical need. Neurogen conducts its research and development independently and, when advantageous, collaborates with major pharmaceutical companies to access additional resources and expertise.

Safe Harbor Statement

The information in this press release contains certain forward-looking statements, made pursuant to applicable securities laws that 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 events or developments that we expect or anticipate will occur in the future and include, but are not limited to, statements that are not historical facts relating to the timing and occurrence of anticipated clinical trials, and potential collaborations or extensions of existing collaborations. Actual results may differ materially from 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 the Company's drug candidates or other properties of drug candidates which could make them unattractive for commercialization, advancement of competitive products, dependence on corporate partners, the Company's ability to retain key employees, sufficiency of cash to fund Neurogen's planned operations, the Company's ability to continue as a going concern, and patent, product liability and third party reimbursement risks associated with the pharmaceutical industry. 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 provide no assurance that this will be true in future studies. Neurogen disclaims any intent and does not assume any obligation to update these forward-looking statements, other than as may be required under applicable law.