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Neurologix Announces First Quarter 2011 Financial Results

Friday, May 13, 2011 General News J E 4
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NEUROLOGIX, INC.

(A Development Stage Company)

STATEMENTS OF OPERATIONS

(UNAUDITED)

(Amounts in thousands, except share and per share amounts)

Three Months EndedMarch  31,

For the period February 12, 1999(inception) throughMarch 31, 2011

2011

2010

Revenues

$        -

$          -

$          -

Operating expenses:

Research and development

1,227

1,857

34,723

General and administrative expenses

830

1,284

23,044

Loss from operations

(2,057)

(3,141)

(57,767)

Other (expense) income:

Dividend, interest and other income

-

-

1,885

Interest expense – related parties

(1,368)

-

(2,234)

Change in estimated fair value of derivative financial instruments – warrants

1,343

(356)

(1,892)

 Other (expense) income, net

(25)

(356)

(2,241)

Net loss

(2,082)

(3,497)

$(60,008)

Preferred stock dividends

(828)

(771)

Net loss applicable to common stock

$(2,910)

$(4,268)

Net loss applicable to common stock per share, basic and diluted

$(0.10)

$(0.15)

Weighted average common shares outstanding, basic and diluted

27,918,148

27,865,010

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