Neurogen Corporation's Auditors Expressed Going Concern Qualification

BRANFORD, Conn.--(Business Wire)--
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.

Neurogen Corporation
Elaine Grimsell Dodge, 203-315-4615
edodge@nrgn.com

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