----

----

|  Delaware(State      or other jurisdictionof      incorporation or organization)                          |  22-2845714(I.R.S.      EmployerIdentification      No.) |
|----------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------|
|  35      Northeast Industrial RoadBranford,      Connecticut(Address      of principal executive offices) |  06405(Zip      Code)                                    |

| Securities      registered pursuant to Section 12 (b) of the Act: |
|-------------------------------------------------------------------|
|                                                              |   |   |
| Title      of each class                                          |   | Name      of each exchange on which registered |
| Common      Stock, par value $.025 per share                      |   | The      NASDAQ Stock Market LLC |
| (the      “Common Stock”)                             |   |   |
|                                                              |   |   |
| Securities      registered pursuant to Section 12(g) of the Act:  |
|                                                              | None |   |

| Name      of Nominees            |   | Age |   | Principal      Occupation                                                                                        |   | Director      Since |
|----------------------------------|--------|-----|--------|------------------------------------------------------------------------------------------------------------------|--------|---------------------|
| Felix      J. Baker, Ph.D.  |   | 39  |   | Managing      Member, Baker Bros. Advisors, LLC                                                                  |   | May      1999       |
| Julian      C. Baker        |   | 41  |   | Managing      Member, Baker Bros. Advisors, LLC                                                                  |   | May      1999       |
| Eran      Broshy            |   | 49  |   | Chief      Executive Officer and Director of inVentiv Health, Inc.                                               |   | July      2003      |
| Stephen      R. Davis       |   | 47  |   | President      and Chief Executive Officer, Neurogen Corporation                                                 |   | September 2001 |
| Stewart      Hen            |   | 41  |   | Managing      Director, Warburg Pincus LLC                                                                       |   | April      2004     |
| John      L. LaMattina           |   | 58  |   | Former      Head of Global Research and Development, Pfizer, Inc.                                                |   | February      2008  |
| Jonathan      S. Leff       |   | 39  |   | Managing      Director, Warburg Pincus LLC                                                                       |   | April      2004     |
| Craig      Saxton, M.D.          |   | 65  |   | Former      Executive Vice President, Pfizer Global Research and Development and Vice      President, Pfizer Inc |   | January      2002   |
| John      Simon, Ph.D.           |   | 65  |   | Managing      Director, Allen & Company LLC                                                                  |   | May      1989       |

| Name                              |   | Age    |   | Company      Position                                               |   | Officer      Since  |
|-----------------------------------|--------|--------|--------|---------------------------------------------------------------------|--------|---------------------|
| Stephen      R. Davis             |   | 47     |   | President      and Chief Executive Officer                          |   | September      2001 |
| Bertrand      L. Chenard, Ph.D.   |   | 52     |   | Senior      Vice President, Chemistry                               |   | January      2005   |
| Alan      J. Hutchison, Ph.D.     |   | 54     |   | Executive      Vice President, Discovery Research                   |   | June      1994      |
| James      E. Krause, Ph.D.       |   | 56     |   | Senior      Vice President, Biology                                 |   | May      2002       |
| Thomas      A. Pitler, Ph.D.      |   | 49     |   | Senior      Vice President and Chief Business and Financial Officer |   | April      2008     |
| Srdjan      Stankovic, M.D., MSPH |   | 51     |   | Executive      Vice President and Chief Development Officer         |   | April      2008     |
|                              |   |   |   |                                                                |   |                |

JamesE. Krause, Ph.D.

| · | Providing      a portion of management's compensation in the form of base salaries. The      Compensation Committee takes into consideration executive compensation      paid by other similar biotechnology companies and individual experience      and capabilities.                                                                                 |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | Providing      a portion of management's compensation in the form of annual cash bonus      awards for the accomplishment of predetermined corporate and individual      goals.                                                                                                                                                                         |
| · | Providing      equity participation for the purpose of aligning executive officers'      longer term interests with those of the stockholders. The size and nature      of equity-based compensation grants are based primarily upon the Company's      performance in meeting the pre-determined corporate goals under the annual      cash incentive plan. |

| · | Attract,      motivate and retain qualified executives to lead Neurogen in a competitive      environment.                                                                                              |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · | Align      the executive officers with specific goals by basing a significant      percentage of their overall compensation on achievement of corporate and      individual goals.                      |
| · | Include      equity compensation as part of the overall compensation package to align      the interests of the Company’s executive officers with those of the      Company’s stockholders. |
| · | Ensure      that executive compensation is comparable based on competitors in the      industry and the Company’s geographic area.                                                                |
| · | Ensure      that executives focus on deal creation and are provided protections in the      event of certain severances.                                                                                |

| · | Initiated      a practice of holding executive sessions (without Company management      present) at Committee meetings; |
|--------|-------------------------------------------------------------------------------------------------------------------------------|
| · | Utilized      data from independent compensation surveys and consultants on executive      compensation issues;               |
| · | Ensured      the transparency of compensation policy and actions;                                                             |
| · | Aligned      compensation structures based on targeting competitive pay;      and                                        |
| · | Strengthened      the link between CEO annual pay and shareholder value through specific      objectives.                     |

|   | · | a       advancing drug candidates into and through clinical trials designed to      determine the commercial potential of the candidates; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|
|   | · | discovering      drug candidates that qualify for pre-clinical  development;                                                                   |
|   | · | identifying      new drug targets and discovering potential drug leads for these      targets;                                                 |
|   | · | establishing      and executing valuable strategic collaborations with pharmaceutical      companies;                                          |
|   | · | securing      capital sufficient to advance the Company's drug development and discovery      programs; and                                    |
|   | · | stock      price performance.                                                                                                                  |

| · |   | Base      salary;                              |
|--------|--------|------------------------------------------------|
| · |   | Annual      cash incentive awards;             |
| · |   | Long-term      incentive compensation; and     |
| · |   | Severance      and change of control benefits. |

| Named      Executive Officer | Bonus      Target Expressed as a Percentage of Base Salary | Ratio      of Bonus Based on    Corporate/Individual  Performance |
|------------------------------|------------------------------------------------------------|-----------------------------------------------------------------------------|
| William      H. Koster       | 50%                                                        | 80/20                                                                       |
| Stephen      R. Davis        | 35-40%(1)                                                  | 70/30                                                                       |
| Alan      J. Hutchison       | 30%                                                        | 60/40                                                                       |
| James      E. Krause         | 25%                                                        | 60/40                                                                       |
| Bertrand      L. Chenard     | 25%                                                        | 60/40                                                                       |
| Stephen      Uden      (1)   | 25%                                                        | 60/40                                                                       |
|                         |                                                       |                                                                        |

| (1) | Upon      Mr. Davis’ promotion to President on September 12, 2007, the Compensation      Committee determined that Mr. Davis’ bonus would be pro-rated between his      time as chief operating officer (8 months at 35% target) and as president      (4 months at 40% target). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Dr.      Uden’s employment terminated on September 14, 2007, and as a result, Dr.      Uden was not eligible to receive a bonus for fiscal  2007.                                                                                                                                      |

| · |   | Successful      start or completion of planned clinical studies. (aggregate      approximate weighting of 55%)                                                      |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| · |   | Advancement      of compounds within research programs to drug candidate status.      (aggregate approximate weighting of 7.5%)                                |
| · |   | The      identification and advancement of new discovery stage programs. (aggregate      approximate weighting of 2.5%)                                                  |
| · |   | Pursue      financing and strategic relationships, and out-licensing and potential      in-licensing of selected programs. (aggregate approximate weighting of      35%) |

Since the goals generally cannot be measured in absolute terms,in assessing performance against the objectives, the Compensation Committeeconsiders the extent of actual results against the specific deliverablesassociated with each objective, the extent to which the objective was asignificant stretch goal for the organization, and whether significantunforeseen obstacles or favorable circumstances altered the expected difficultyof achieving the desired results. In general, the Compensation Committeeassesses the level of achievement against each objective, and then determines anoverall assessment for the corporate goals.  For fiscal 2007, theCompensation Committee determined that 52.5% of the corporate goals had beenachieved. The factors that supported this determinationincluded:  successful completion of two Phase 2 studies in theCompany’s insomnia program; development of a formulation for the Company’sinsomnia agent, adipiplon, suitable for more advanced studies; advancement ofresearch stage compounds in the Company’s H3 and VR1 programs and theidentification of active chemical leads in the Company’s Growth Factorprogram.

| Named      Executive Officer | Accomplishment      of Targeted Objectives | Actual      Bonus as a Percentage of Salary |
|------------------------------|--------------------------------------------|---------------------------------------------|
| William      H. Koster       | 50%                                        | 25%                                         |
| Stephen      R. Davis        | 50%                                        | 20%      (4 months) 17.5% (8 months)        |
| Alan      J. Hutchison       | 53.5%                                      | 18.725%                                     |
| James      E. Krause         | 71%                                        | 17.75%                                      |
| Bertrand      L. Chenard     | 66.5%                                      | 16.625%                                     |
| Stephen      Uden      (1)   | n/a                                        | n/a                                         |

| (1) | Dr.      Uden’s employment terminated on September 14, 2007, and as a result, Dr.      Uden was not eligible to receive a bonus for fiscal  2007. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| Executive      Officer Position | Target      Option Grant |
|---------------------------------|--------------------------|
| Chief      Executive Officer    | 60,000                   |
| President                       | 50,00                    |
| Executive      Vice President   | 35,000                   |
| Senior      Vice President      | 30,000                   |

|   | · | reflect      the target bonus, expressed as a percentage of salary, as then in      effect; |
|--------|--------|---------------------------------------------------------------------------------------------|

|   | · | provide      for accelerated vesting of all outstanding options and equity on the first      anniversary of the change of control to the extent they have not already      vested; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | provide      that in the event of termination without Cause for Good Reason (regardless      of whether in connection with a change of control) the portion of the      stock options and restricted stock that would vest within one year of the      date of such termination, shall be vested as of the date of      termination.  This extends the date to one year following      termination from the previous date of the December 1 that follows the      termination; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | provide      that in the event of termination without Cause for Good Reason in      connection with a change of control shall each be entitled to an      additional lump sum payment in an amount equal to the greater of      (i) |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | their      then targeted annual bonus or (ii) their targeted annual bonus immediately      prior to the Change of control. |
|--------|----------------------------------------------------------------------------------------------------------------------------|

| Named      Executive OfficerandPrincipal      Position                                                                        | Year   | Salary($) | OptionAwards(3)($) | Non-EquityIncentivePlanCompensation(4)($) | AllOtherCompensation(5)($) | Total($)  |
|-------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------------------|-------------------------------------------|----------------------------|-----------|
| (a)                                                                                                                           | (b)    | (c)       | (f)                | (g)                                       | (i)                        | (j)       |
| William      H. KosterChief      Executive Officer(6)                                                                         | 2007   | 455,848   | 433,173            | 113,962                                   | 14,130                     | 1,017,113 |
|                                                                                                                          | 2006   | 442,571   | 199,629            | 179,020                                   | 16,294                     | 837,514   |
|                                                                                                                          |   |      |               |                                      |                       |      |
| Stephen      R. DavisPresident,      Executive VicePresident,      interim Chief Financial Officer and Chief OperatingOfficer | 2007   | 353,145   | 544,460            |  65,091                              | 15,222                     | 977,918   |
|                                                                                                                          | 2006   | 312,395   | 133,086            | 90,095                                    | 24,920                     | 560,496   |
|                                                                                                                          |   |      |               |                                      |                       |      |
| Alan      J. HutchisonExecutive      VicePresident,      DiscoveryResearch                                                    | 2007   | 323,355   | 405,587            | 61,599                                    | 15,222                     | 805,763   |
|                                                                                                                          | 2006   | 313,938   | 116,450            | 78,076                                    | 24,920                     | 533,384   |
|                                                                                                                          |   |      |               |                                      |                       |      |
| James      E. KrauseSenior      Vice President,Biology                                                                        | 2007   | 270,842   | 338,908            | 48,074                                    | 15,161                     | 672,985   |
|                                                                                                                          | 2006   | 262,953   | 99,814             | 58,770                                    | 24,832                     | 446,369   |
|                                                                                                                          |   |      |               |                                      |                       |      |
| Bertrand      L. ChenardSenior      Vice President,Chemistry                                                                  | 2007   | 262,650   |  338,908      | 43,666                                    | 15,144                     | 660,368   |
|                                                                                                                          | 2006   | 255,000   | 99,814             | 55,718                                    | 62,470                     | 473,002   |
|                                                                                                                          |   |      |               |                                      |                       |      |
| Stephen      UdenExecutive      VicePresident      and Headof      Research andDevelopment(7)                                 | 2007   | 246,855   | 366,966            | 0                                         | 15,143                     | 628,964   |
|                                                                                                                          | 2006   | 338,350   | 133,086            | 102,317                                   | 25,460                     | 599,213   |
|                                                                                                                          |   |      |               |                                      |                       |      |

Notes:

| (1) | No      bonuses were paid to any named executive officer in 2007 except as part of      a non-equity incentive plan, as shown in column (g).                                                                                                                                                                                                                                                                                                                                                              |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Represents      the compensation expense of stock options granted in the current and prior      years for financial reporting purposes for the year ended December 31,      2007 under SFAS 123(R).  See Note 7 to the      Company's consolidated financial statements, as set forth in the      Company's 2007 Form 10-K for the assumptions made in determining SFAS      123(R) values, except that for purposes of the amounts shown, no      forfeitures were assumed to take place. |
| (3) | The      amount reported in this column reflects the value of cash incentive      bonuses earned in the year reported but paid in the following year under      the Company’s Annual Cash Incentive Plan.                                                                                                                                                                                                                                                                                 |
| (4) | All      Other Compensation for fiscal 2007, as shown in column (i), is detailed in      the table below.                                                                                                                                                                                                                                                                                                                                                                                                 |
| (5) | Dr.      Koster retired as President and Chief Executive Officer of Neurogen in      February 2008.                                                                                                                                                                                                                                                                                                                                                                                                       |
| (6) | Dr.      Uden’s employment terminated on September 14, 2007, and as a result, Dr.      Uden was not eligible to receive a bonus for fiscal  2007.                                                                                                                                                                                                                                                                                                                                                   |

| Named      Executive Officer | Life,      AccidentalDeath      and Dismemberment Insurance Premiums ($) | 401(k)Match($) | Total($) |
|------------------------------|--------------------------------------------------------------------------|----------------|----------|
| William      H. Koster       | 630                                                                      | 13,500         | 14,130   |
| Stephen      R. Davis        | 1,722                                                                    | 13,500         | 15,222   |
| Alan      J. Hutchison       | 1,722                                                                    | 13,500         | 15,222   |
| James      E. Krause         | 1,661                                                                    | 13,500         | 15,161   |
| Bertrand      L. Chenard     | 1,644                                                                    | 13,500         | 15,144   |
| Stephen      Uden      (1)   | 1,643                                                                    | 13,500         | 15,143   |
|                         |                                                                     |           |     |

| (1) | Dr.      Uden’s employment terminated on September 14,  2007. |
|-----|---------------------------------------------------------------------|

| Name                      | GrantDate  |      Estimated      Future PayoutsUnder      Non-Equity IncentivePlan      Awards | All      OtherOptionAwards:Number      ofSecuritiesUnderlyingOptions(1)(#)(1) | Exercise      Price ofOptionAwards($/Sh)      (2)  | Grant      DateFair      Valueof      StockandOptions(3)($)(3)  |
|--------------------------------|-----------------|------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|---------------------------------------------------------|----------------------------------------------------------------------|
|                           |            | Threshold(4)($)                                                                                       | Target(4)($)                                                             | Maximum(4)($)                                      |                                                                 |   |   |
| (a)                            | (b)             | (c)                                                                                                        | (d)                                                                           | (e)                                                     | (f)                                                                  | (g) | (h) |
|  William      H.Koster    | 1/17/07         | -                                                                                                          | 228,000                                                                       | -                                                       | 90,000                                                               | 6.20 | 322,608 |
|                           | 12/20/07        | -                                                                                                          | -                                                                             | -                                                       | 31,500                                                               | 3.56 | 60,979 |
|                           |            |                                                                                                       |                                                                          |                                                    |                                                                 |   |   |
|  Stephen      R. Davis    | 1/17/07         | -                                                                                                          | 122,850                                                                       | -                                                       | 120,000                                                              | 6.20 | 430,141 |
|                           | 12/20/07        | -                                                                                                          | -                                                                             | -                                                       | 26,250                                                               | 3.56 | 50,818 |
|                           |            |                                                                                                       |                                                                          |                                                    |                                                                 |   |   |
|                           |            |                                                                                                       |                                                                          |                                                    |                                                                 |   |   |
|  Alan      J. Hutchison   | 1/17/07         | -                                                                                                          | 96,900                                                                        | -                                                       | 90,000                                                               | 6.20 | 322,608 |
|                           | 12/20/07        | -                                                                                                          | -                                                                             | -                                                       | 18,375                                                               | 3.56 | 35,571 |
|                           |            |                                                                                                       |                                                                          |                                                    |                                                                 |   |   |
|  James      E. Krause     | 1/17/07         | -                                                                                                          | 67,750                                                                        | -                                                       | 75,000                                                               | 6.20 | 268,835 |
|                           | 12/20/07        | -                                                                                                          | -                                                                             | -                                                       | 15,750                                                               | 3.56 | 30,491 |
|                           |            |                                                                                                       |                                                                          |                                                    |                                                                 |   |   |
|  Bertrand      L. Chenard | 1/17/07         | -                                                                                                          | 65,750                                                                        | -                                                       | 75,000                                                               | 6.20 | 268,835 |
|                           | 12/20/07        | -                                                                                                          | -                                                                             | -                                                       | 15,750                                                               | 3.56 | 30,491 |
|                           |            |                                                                                                       |                                                                          |                                                    |                                                                 |   |   |
|  Stephen      Uden        | 1/17/07         | -                                                                                                          | 86,400                                                                        | -                                                       | 90,000                                                               | 6.20 | 322,604 |
|                           |            |                                                                                                       |                                                                          |                                                    |                                                                 |   |   |

| (1) | Stock      options granted in 2007 vest in 25% increments beginning on the first      anniversary of the grant and on each anniversary thereafter. They expire      in increments 5 years from each date of vesting.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The      exercise price is equal to the closing market price of the Company's      Common Stock on the date of grant.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| (3) | Represents      the grant date fair value of awards in accordance with SFAS      123(R).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (4) | Represents      potential payments made under the Company’s annual cash incentive      plan for fiscal 2007.  The employment agreements of the      Company’s executive officers specify the target awards payable, as a      percentage of base salary, which range from 25% to 50% of base salary.      There is no threshold or minimum amount that may be awarded nor is there a      maximum amount that may be awarded.  Awards are payable based on      achievement of corporate objectives and individual objectives, with      varying weighting based on position.  The corporate objectives      can be assessed an achievement percentage from 1 to 150% by the      Compensation Committee.  Actual awards made in 2007 are shown in      column (g) of the Summary Compensation Table. For a further      discussion of the Company’s annual cash incentive plan, see the      “Compensation Discussion andAnalysis.” |

Outstanding Equity Awards at December 31, 2007

| Name                        | GrantDate  | Number      of SecuritiesUnderlying      UnexercisedOptions      Exercisable(#) | Number      of SecuritiesUnderlying      UnexercisedOptions      Unexercisable(#) | OptionExercisePrice($) | Option      ExpirationDate | Option      Vesting Date |
|-----------------------------|------------|---------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|------------------------|----------------------------|--------------------------|
| (a)                         |       | (b)                                                                             | (c)                                                                               | (e)                    | (f)                        |                     |
| William      H. Koster      | 9/4/2001   | 400,000                                                                         | -                                                                                 | 19.39                  | 9/4/2011                   | (1)                      |
|                        | 5/1/2002   | 3,750                                                                           | -                                                                                 | 17.48                  | 5/1/2008                   | 5/1/2003                 |
|                        | 5/1/2002   | 3,750                                                                           | -                                                                                 | 17.48                  | 5/1/2009                   | 5/1/2004                 |
|                        | 5/1/2002   | 3,750                                                                           | -                                                                                 | 17.48                  | 5/1/2010                   | 5/1/2005                 |
|                        | 12/19/2002 | 10,500                                                                          | -                                                                                 | 3.87                   | 12/19/2008                 | 12/19/2003               |
|                        | 12/19/2002 | 10,500                                                                          | -                                                                                 | 3.87                   | 12/19/2009                 | 12/19/2004               |
|                        | 12/19/2002 | 10,500                                                                          | -                                                                                 | 3.87                   | 12/19/2010                 | 12/19/2005               |
|                        | 12/19/2002 | 10,500                                                                          | -                                                                                 | 3.87                   | 12/19/2011                 | 12/19/2006               |
|                        | 12/15/2003 | 13,500                                                                          | -                                                                                 | 8.79                   | 12/15/2008                 |  12/15/2004         |
|                        | 12/15/2003 | 13,500                                                                          | -                                                                                 | 8.79                   | 12/15/2010                 | 12/15/2005               |
|                        | 12/15/2003 | 13,500                                                                          | -                                                                                 | 8.79                   | 12/15/2011                 | 12/15/2006               |
|                        | 12/15/2003 | 13,500                                                                          | -                                                                                 | 8.79                   | 12/15/2012                 | 12/15/2007               |
|                        | 12/21/2004 | 30,000                                                                          | -                                                                                 | 9.05                   | 12/21/2010                 |  12/21/2005         |
|                        | 12/21/2004 | 30,000                                                                          | -                                                                                 | 9.05                   | 12/21/2011                 | 12/21/2006               |
|                        | 12/21/2004 | 30,000                                                                          | -                                                                                 | 9.05                   | 12/21/2012                 | 12/21/2007               |
|                        | 12/21/2004 | -                                                                               | 30,000                                                                            | 9.05                   | 12/21/2013                 | 12/21/2008               |
|                        | 12/16/2005 | 11,880                                                                          | -                                                                                 | 7.88                   | 12/16/2011                 |  12/16/2006         |
|                        | 12/16/2005 | 11,880                                                                          | -                                                                                 | 7.88                   | 12/16/2012                 | 12/16/2007               |
|                        | 12/16/2005 | -                                                                               | 11,880                                                                            | 7.88                   | 12/16/2013                 | 12/16/2008               |
|                        | 12/16/2005 | -                                                                               | 11,880                                                                            | 7.88                   | 12/16/2014                 | 12/16/2009               |
|                        | 12/15/2006 | 13,650                                                                          | -                                                                                 | 5.78                   | 12/15/2012                 |  12/15/2007         |
|                        | 12/15/2006 | -                                                                               | 13,650                                                                            | 5.78                   | 12/15/2013                 | 12/15/2008               |
|                        | 12/15/2006 | -                                                                               | 13,650                                                                            | 5.78                   | 12/15/2014                 | 12/15/2009               |
|                        | 12/15/2006 | -                                                                               | 13,650                                                                            | 5.78                   | 12/15/2015                 | 12/15/2010               |
|                        | 1/17/2007  | -                                                                               | 90,000                                                                            | 6.20                   | 1/17/2015                  |  1/17/2010          |
|                        | 12/20/2007 | -                                                                               | 7,875                                                                             | 3.56                   | 12/20/2013                 |  12/20/2008         |
|                        | 12/20/2007 | -                                                                               | 7,875                                                                             | 3.56                   | 12/20/2014                 | 12/20/2009               |
|                        | 12/20/2007 | -                                                                               | 7,875                                                                             | 3.56                   | 12/20/2015                 | 12/20/2010               |
|                        | 12/20/2007 | -                                                                               | 7,876                                                                             | 3.56                   | 12/20/2016                 | 12/20/2011               |
|                        |       |                                                                            |                                                                              |                   |                       |                     |
|  Stephen R.      Davis | 12/31/1998 | 15,750                                                                          | -                                                                                 | 17.50                  | 12/31/2008                 | (2)                      |
|                        | 12/19/2002 | 8,750                                                                           | -                                                                                 | 3.87                   | 12/19/2010                 | 12/19/2005               |
|                        | 12/19/2002 | 8750                                                                            | -                                                                                 | 3.87                   | 12/19/2011                 | 12/19/2006               |
|                        | 12/15/2003 | 7,875                                                                           | -                                                                                 | 8.79                   | 12/15/2009                 | 12/15/2004               |
|                        | 12/15/2003 | 7,875                                                                           | -                                                                                 | 8.79                   | 12/15/2010                 | 12/15/2005               |
|                        | 12/15/2003 | 7,875                                                                           | -                                                                                 | 8.79                   | 12/15/2011                 | 12/15/2006               |
|                        | 12/15/2003 | 7,875                                                                           |                                                                              | 8.79                   | 12/15/2012                 | 12/15/2007               |
|                        | 12/21/2004 | 25,000                                                                          |                                                                              | 9.05                   | 12/21/2010                 | 12/21/2005               |
|                        | 12/21/2004 | 25,000                                                                          |                                                                              | 9.05                   | 12/21/2011                 | 12/21/2006               |
|                        | 12/21/2004 | 25,000                                                                          |                                                                              | 9.05                   | 12/21/2012                 | 12/21/2007               |
|                        | 12/21/2004 | -                                                                               | 25,000                                                                            | 9.05                   | 12/21/2013                 | 12/21/2008               |
|                        | 12/16/2005 | 6,930                                                                           | -                                                                                 | 7.88                   | 12/16/2011                 | 12/16/2006               |
|                        | 12/16/2005 | 6,930                                                                           | -                                                                                 | 7.88                   | 12/16/2012                 | 12/16/2007               |
|                        | 12/16/2005 | -                                                                               | 6,930                                                                             | 7.88                   | 12/16/2013                 | 12/16/2008               |
|                        | 12/16/2005 | -                                                                               | 6,930                                                                             | 7.88                   | 12/16/2014                 | 12/16/2009               |
|                        | 12/15/2006 | 9,100                                                                           | -                                                                                 | 5.78                   | 12/15/2012                 | 12/15/2007               |
|                        | 12/15/2006 | -                                                                               | 9,100                                                                             | 5.78                   | 12/15/2013                 | 12/15/2008               |
|                        | 12/15/2006 | -                                                                               | 9,100                                                                             | 5.78                   | 12/15/2014                 | 12/15/2009               |
|                        | 12/15/2006 | -                                                                               | 9,100                                                                             | 5.78                   | 12/15/2015                 | 12/15/2010               |
|                        | 1/17/2007  | -                                                                               | 120,000                                                                           | 6.20                   | 1/17/2015                  | 1/17/2010                |
|                        | 12/20/2007 | -                                                                               | 6,563                                                                             | 3.56                   | 12/20/2013                 | 12/20/2008               |
|                        | 12/20/2007 | -                                                                               | 6,563                                                                             | 3.56                   | 12/20/2014                 | 12/20/2009               |
|                        | 12/20/2007 | -                                                                               | 6,562                                                                             | 3.56                   | 12/20/2015                 | 12/20/2010               |
|                        | 12/20/2007 | -                                                                               | 6,562                                                                             | 3.56                   | 12/20/2016                 | 12/20/2011               |
|                        |       |                                                                            |                                                                              |                   |                       |                     |
| Stephen Uden(3)             | 6/27/2005  | 40,000                                                                          | -                                                                                 | 7.00                   | 3/14/2008                  | 6/27/2006                |
|                        | 6/27/2005  | 40,000                                                                          | -                                                                                 | 7.00                   | 3/14/2008                  | 6/27/2007                |
|                        | 12/16/2005 | 3,960                                                                           | -                                                                                 | 7.88                   | 3/14/2008                  | 12/16/2006               |
|                        |       |                                                                            |                                                                              |                   |                       |                     |
| Alan      J. Hutchison      | 12/31/1998 | 18,750                                                                          | -                                                                                 | 17.50                  | 12/31/2008                 | (2)                      |
|                        | 9/4/2001   | 5,000                                                                           | -                                                                                 | 19.39                  | 9/4/2008                   | 9/4/2003                 |
|                        | 9/4/2001   | 5,000                                                                           | -                                                                                 | 19.39                  | 9/4/2009                   | 9/4/2004                 |
|                        | 9/4/2001   | 5,000                                                                           |                                                                              | 19.30                  | 9/4/2010                   | 9/4/2005                 |
|                        | 12/31/2001 | 3,750                                                                           | -                                                                                 | 17.48                  | 12/31/2008                 | 12/31/2003               |
|                        | 12/31/2001 | 3,750                                                                           | -                                                                                 | 17.48                  | 12/31/2009                 | 12/31/2004               |
|                        | 12/31/2001 | 3,750                                                                           | -                                                                                 | 17.48                  | 12/31/2010                 | 12/31/2005               |
|                        | 12/19/2002 | 1,250                                                                           | -                                                                                 | 3.87                   | 12/19/2008                 | 12/19/2003               |
|                        | 12/19/2002 | 1,250                                                                           | -                                                                                 | 3.87                   | 12/19/2009                 | 12/19/2004               |
|                        | 12/19/2002 | 1,250                                                                           | -                                                                                 | 3.87                   | 12/19/2010                 | 12/19/2005               |
|                        | 12/19/2002 | 1,250                                                                           | -                                                                                 | 3.87                   | 12/19/2011                 | 12/19/2006               |
|                        | 12/15/2003 | 7,875                                                                           | -                                                                                 | 8.79                   | 12/15/2009                 | 12/15/2004               |
|                        | 12/15/2003 | 7,875                                                                           | -                                                                                 | 8.79                   | 12/15/2010                 | 12/15/2005               |
|                        | 12/15/2003 | 7,875                                                                           | -                                                                                 | 8.79                   | 12/15/2011                 | 12/15/2006               |
|                        | 12/15/2003 | 7,875                                                                           | -                                                                                 | 8.79                   | 12/15/2012                 | 12/15/2007               |
|                        | 5/21/2004  | 12,500                                                                          | -                                                                                 | 9.50                   | 5/21/2010                  | 5/21/2005                |
|                        | 5/21/2004  | 12,500                                                                          | -                                                                                 | 9.50                   | 5/21/2011                  | 5/21/2006                |
|                        | 5/21/2004  | 12,500                                                                          | -                                                                                 | 9.50                   | 5/21/2012                  | 5/21/2007                |
|                        | 5/21/2004  | -                                                                               | 12,500                                                                            | 9.50                   | 5/21/2013                  | 5/21/2008                |
|                        | 12/21/2004 | 7,000                                                                           | -                                                                                 | 9.05                   | 12/21/2010                 | 12/21/2005               |
|                        | 12/21/2004 | 7,000                                                                           | -                                                                                 | 9.05                   | 12/21/2011                 | 12/21/2006               |
|                        | 12/21/2004 | 7,000                                                                           | -                                                                                 | 9.05                   | 12/21/2012                 | 12/21/2007               |
|                        | 12/21/2004 | -                                                                               | 7,000                                                                             | 9.05                   | 12/21/2013                 | 12/21/2008               |
|                        | 12/16/2005 | 6,930                                                                           | -                                                                                 | 7.88                   | 12/16/2011                 | 12/16/2006               |
|                        | 12/16/2005 | 6,930                                                                           | -                                                                                 | 7.88                   | 12/16/2012                 | 12/16/2007               |
|                        | 12/16/2005 | -                                                                               | 6,930                                                                             | 7.88                   | 12/16/2013                 | 12/16/2008               |
|                        | 12/16/2005 | -                                                                               | 6,930                                                                             | 7.88                   | 12/16/2014                 | 12/16/2009               |
|                        | 12/15/2006 | 7,963                                                                           | -                                                                                 | 5.78                   | 12/15/2012                 | 12/15/2007               |
|                        | 12/15/2006 | -                                                                               | 7,963                                                                             | 5.78                   | 12/15/2013                 | 12/15/2008               |
|                        | 12/15/2006 | -                                                                               | 7,962                                                                             | 5.78                   | 12/15/2014                 | 12/15/2009               |
|                        | 12/15/2006 | -                                                                               | 7,962                                                                             | 5.78                   | 12/15/2015                 | 12/15/20010              |
|                        | 1/17/2007  | -                                                                               | 90,000                                                                            | 6.20                   | 1/17/2015                  | 1/17/2010                |
|                        | 12/20/2007 | -                                                                               | 4,594                                                                             | 3.56                   | 12/20/2013                 | 12/20/2008               |
|                        | 12/20/2007 | -                                                                               | 4,594                                                                             | 3.56                   | 12/20/2014                 | 12/20/2009               |
|                        | 12/20/2007 | -                                                                               | 4,594                                                                             | 3.56                   | 12/20/2015                 | 12/20/2010               |
|                        | 12/20/2007 | -                                                                               | 4,593                                                                             | 3.56                   | 12/20/2016                 | 12/20/2011               |
|                        |       |                                                                            |                                                                              |                   |                       |                     |
|  James E.      Krause  | 12/31/1998 | 7,500                                                                           | -                                                                                 | 17.50                  | 12/31/2008                 | (2)                      |
|                        | 9/4/2001   | 5,000                                                                           | -                                                                                 | 19.39                  | 9/4/2008                   | 9/4/2003                 |
|                        | 9/4/2001   | 5,000                                                                           | -                                                                                 | 19.39                  | 9/4/2009                   | 9/4/2004                 |
|                        | 9/4/2001   | 5,000                                                                           | -                                                                                 | 19.39                  | 9/4/2010                   | 9/4/2005                 |
|                        | 12/31/2001 | 1,250                                                                           | -                                                                                 | 17.48                  | 12/31/2008                 | 12/31/2003               |
|                        | 12/31/2001 | 1,250                                                                           | -                                                                                 | 17.48                  | 12/31/2009                 | 12/31/2004               |
|                        | 12/31/2001 | 1,250                                                                           | -                                                                                 | 17.48                  | 12/31/2010                 | 12/31/2005               |
|                        | 12/19/2002 | 3,750                                                                           | -                                                                                 | 3.87                   | 12/19/2008                 | 12/19/2003               |
|                        | 12/19/2002 | 3,750                                                                           | -                                                                                 | 3.87                   | 12/19/2009                 | 12/19/2004               |
|                        | 12/19/2002 | 3,750                                                                           | -                                                                                 | 3.87                   | 12/19/2010                 | 12/19/2005               |
|                        | 12/19/2002 | 3,750                                                                           | -                                                                                 | 3.87                   | 12/19/2011                 | 12/19/2006               |
|                        | 12/15/2003 | 6,750                                                                           | -                                                                                 | 8.79                   | 12/15/2009                 | 12/15/2004               |
|                        | 12/15/2003 | 6,750                                                                           | -                                                                                 | 8.79                   | 12/15/2010                 | 12/15/2005               |
|                        | 12/15/2003 | 6,750                                                                           | -                                                                                 | 8.79                   | 12/15/2011                 | 12/15/2006               |
|                        | 12/15/2003 | 6,750                                                                           | -                                                                                 | 8.79                   | 12/15/2012                 | 12/15/2007               |
|                        | 5/21/2004  | 12,500                                                                          | -                                                                                 | 9.50                   | 5/21/2010                  | 5/21/2005                |
|                        | 5/21/2004  | 12,500                                                                          | -                                                                                 | 9.50                   | 5/21/2011                  | 5/21/2006                |
|                        | 5/21/2004  | 12,500                                                                          | -                                                                                 | 9.50                   | 5/21/2012                  | 5/21/2007                |
|                        | 5/21/2004  | -                                                                               | 12,500                                                                            | 9.50                   | 5/21/2013                  | 5/21/2008                |
|                        | 12/21/2004 | 6,000                                                                           | -                                                                                 | 9.05                   | 12/21/2010                 | 12/21/2005               |
|                        | 12/21/2004 | 6,000                                                                           | -                                                                                 | 9.05                   | 12/21/2011                 | 12/21/2006               |
|                        | 12/21/2004 | 6,000                                                                           | -                                                                                 | 9.05                   | 12/21/2012                 | 12/21/2007               |
|                        | 12/21/2004 | -                                                                               | 6,000                                                                             | 9.05                   | 12/21/2013                 | 12/21/2008               |
|                        | 12/16/2005 | 5,940                                                                           | -                                                                                 | 7.88                   | 12/16/2011                 | 12/16/2006               |
|                        | 12/16/2005 | 5,940                                                                           | -                                                                                 | 7.88                   | 12/16/2012                 | 12/16/2007               |
|                        | 12/16/2005 | -                                                                               | 5,940                                                                             | 7.88                   | 12/16/2013                 | 12/16/2008               |
|                        | 12/16/2005 | -                                                                               | 5,940                                                                             | 7.88                   | 12/16/2014                 | 12/16/2009               |
|                        | 12/15/2006 | 6,825                                                                           | -                                                                                 | 5.78                   | 12/15/2012                 | 12/15/2007               |
|                        | 12/15/2006 | -                                                                               | 6,825                                                                             | 5.78                   | 12/15/2013                 | 12/15/2008               |
|                        | 12/15/2006 | -                                                                               | 6,825                                                                             | 5.78                   | 12/15/2014                 | 12/15/2009               |
|                        | 12/15/2006 | -                                                                               | 6,825                                                                             | 5.78                   | 12/15/2015                 | 12/15/2010               |
|                        | 1/17/2007  | -                                                                               | 75,000,96                                                                         | 6.20                   | 1/17/2015                  | 01/17/2010               |
|                        | 12/20/2007 | -                                                                               | 3,938                                                                             | 3.56                   | 12/20/2013                 | 12/20/2008               |
|                        | 12/20/2007 | -                                                                               | 3,938                                                                             | 3.56                   | 12/20/2014                 | 12/20/2009               |
|                        | 12/20/2007 | -                                                                               | 3,937                                                                             | 3.56                   | 12/20/2015                 | 12/20/20010              |
|                        | 12/20/2007 | -                                                                               | 3,937                                                                             | 3.56                   | 12/20/2016                 | 12/20/2011               |
| Bertrand      L. Chenard    | 9/24/2001  | 40,000                                                                          | -                                                                                 | 15.25                  | 9/24/2011                  | (1)                      |
|                        | 12/31/2001 | 1,000                                                                           | -                                                                                 | 17.48                  | 12/31/200812               | 12/31/2003               |
|                        | 12/31/2001 | 1,000                                                                           | -                                                                                 | 17.48                  | 12/31/2009                 | 12/31/2004               |
|                        | 12/31/2001 | 1,000                                                                           | -                                                                                 | 17.48                  | 12/31/2010                 | 12/31/2005               |
|                        | 12/19/2002 | 6,250                                                                           | -                                                                                 | 3.87                   | 12/19/2008                 | 12/19/2003               |
|                        | 12/19/2002 | 6,250                                                                           | -                                                                                 | 3.87                   | 12/19/2009                 | 12/19/2004               |
|                        | 12/19/2002 | 6,250                                                                           | -                                                                                 | 3.87                   | 12/19/2010                 | 12/19/2005               |
|                        | 12/19/2002 | 6,250                                                                           | -                                                                                 | 3.87                   | 12/19/2011                 | 12/19/2006               |
|                        | 12/15/2003 | 5,625                                                                           | -                                                                                 | 8.79                   | 12/15/2009                 | 12/15/2004               |
|                        | 12/15/2003 | 5,625                                                                           | -                                                                                 | 8.79                   | 12/15/2010                 | 12/15/2005               |
|                        | 12/15/2003 | 5,625                                                                           | -                                                                                 | 8.79                   | 12/15/2011                 | 12/15/2006               |
|                        | 12/15/2003 | 5,625                                                                           | -                                                                                 | 8.79                   | 12/15/2012                 | 12/15/2007               |
|                        | 5/21/2004  | 10,000                                                                          | -                                                                                 | 9.50                   | 5/21/2010                  | 5/21/2005                |
|                        | 5/21/2004  | 10,000                                                                          | -                                                                                 | 9.50                   | 5/21/2011                  | 5/21/2006                |
|                        | 5/21/2004  | 10,000                                                                          |                                                                              | 9.50                   | 5/21/2012                  | 5/21/2007                |
|                        | 5/21/2004  | -                                                                               | 10,000                                                                            | 9.50                   | 5/21/2013                  | 5/21/2008                |
|                        | 12/21/2004 | 6,000                                                                           | -                                                                                 | 9.05                   | 12/21/2010                 | 12/21/2005               |
|                        | 12/21/2004 | 6,000                                                                           | -                                                                                 | 9.05                   | 12/21/2011                 | 12/21/2006               |
|                        | 12/21/2004 | 6,000                                                                           | -                                                                                 | 9.05                   | 12/21/2012                 | 12/21/2007               |
|                        | 12/21/2004 | -                                                                               | 6,000                                                                             | 9.05                   | 12/21/2013                 | 12/21/2008               |
|                        | 12/16/2005 | 5,940                                                                           | -                                                                                 | 7.88                   | 12/16/2011                 | 12/16/2005               |
|                        | 12/16/2005 | 5,940                                                                           | -                                                                                 | 7.88                   | 12/16/2012                 | 12/16/2006               |
|                        | 12/16/2005 | -                                                                               | 5,940                                                                             | 7.88                   | 12/16/2013                 | 12/16/2007               |
|                        | 12/16/2005 | -                                                                               | 5,940                                                                             | 7.88                   | 12/16/2014                 | 12/16/2008               |
|                        | 12/15/2006 | 6,825                                                                           | -                                                                                 | 5.78                   | 12/15/2012                 | 12/15/2007               |
|                        | 12/15/2006 | -                                                                               | 6,825                                                                             | 5.78                   | 12/15/2013                 | 12/15/2008               |
|                        | 12/15/2006 | -                                                                               | 6,825                                                                             | 5.78                   | 12/15/2014                 | 12/15/2009               |
|                        | 12/15/2006 | -                                                                               | 6,825                                                                             | 5.78                   | 12/15/2015                 | 12/15/2010               |
|                        | 1/17/2007  | -                                                                               | 75,000                                                                            | 6.20                   | 1/17/2015                  | 1/17/2010                |
|                        | 12/20/2007 | -                                                                               | 3,938                                                                             | 3.56                   | 12/20/2013                 | 12/20/2008               |
|                        | 12/20/2007 | -                                                                               | 3,938                                                                             | 3.56                   | 12/20/2014                 | 12/20/2009               |
|                        | 12/20/2007 | -                                                                               | 3,937                                                                             | 3.56                   | 12/20/2015                 | 12/20/2010               |
|                        | 12/20/2007 | -                                                                               | 3,937                                                                             | 3.56                   | 12/20/2016                 | 12/20/2011               |

| (1) | Original      grant vested in 5 equal installments on 9/4/2002, 9/4/2003, 9/4/2004,      9/4/2005 and 9/4/2006.           |
|-----|---------------------------------------------------------------------------------------------------------------------------|
| (2) | Original      grant vested in 5 equal installments on 12/31/1999, 12/31/2000,      12/31/2001, 12/31/2002 and 12/31/2003. |
| (3) | Dr.      Uden’s employment terminated on 9/14/2007.                                                                 |
| (4) | Original      grant vested in 5 equal installments on 9/24/2002, 9/24/2003, 9/24/2004,      9/24/2005 and 9/24/2006.      |

|                     | Option      Awards                                |                                      | Stock      Awards |
|--------------------------|---------------------------------------------------|-------------------------------------------|-------------------|
| Name                     | Number      of SharesAcquired      on Exercise(#) | Value      Realizedon      Exercise(1)($) |              | Number      of SharesAcquired      on Vesting(#) | Value      Realizedon      Vesting(2)($) |
| (a)                      | (b)                                               | (c)                                       |              | (d) | (e) |
| William      H. Koster   | -                                                 | -                                         |              | 0 | 0 |
| Stephen      R. Davis    | 6,250                                             | 21,563                                    |              | 0 | 0 |
| Alan      J. Hutchison   | 12,500                                            | 43,125                                    |              | 25,000 | 174,000 |
| James      E. Krause     | -                                                 | -                                         |              | 7,500 | 23,213 |
| Bertrand      L. Chenard | -                                                 | -                                         |              | - | - |

| (1) | The      value realized upon the exercise of stock options is based on the      difference between the exercise price per share paid by the named      executive officer and the closing market price of the Company’s Common      Stock on the exercise date. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The      value realized upon the vesting of restricted shares is based on the      number of shares to be vested and the average of the high and low market      price of the Common Stock on the vestingdate.                                                       |

| Equity Compensation Plan      Information                                                                                                                                                                                                                                                                                           |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                     |
| The      following table sets forth, for the Company's equity compensation plans,      the number of options outstanding under such plans, the weighted-average      exercise price of outstanding options, and the number of shares that      remain available for issuance under such plans, as of December 31,      2007.   |
|                                                                                                                                                                                                                                                                                                                                     |   | Total      securities to be issued uponexercise      of outstanding options |   | Securities      remaining available for future issuance under equity compensation plans      (excluding securities reflected in column a) |
| Plan      category                                                                                                                                                                                                                                                                                                                       |   | Number |   | Weighted-averageexercise      price |   |
|                                                                                                                                                                                                                                                                                                                                     |   | (a) |   | (b) |   | (c) |
| Equity      compensation plans approved by security holders                                                                                                                                                                                                                                                                              |   | 5,731,294 |   | $10.42 |   | 1,220,304 |
|                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |
| Equity      compensation plans not approved by security holders(2)                                                                                                                                                                                                                                                                       |   | 7,500 |   | 33.38 |   | - |
|                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |
| Total                                                                                                                                                                                                                                                                                                                                    |   | 5,738,794 |   | $10.45 |   | 1,220,304 |

______________

| (1) | Does      not give effect to the 1,000,000 additional shares the stockholders are      being asked to approve for issuance under the Company’s 2001 Amended      and Restated Neurogen 2001 Stock Option Plan.                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Represents      3,000, 3,000 and 1,500 options originally granted to three of the      Company’s directors, Dr. Felix J. Baker, Mr. Julian C. Baker and Dr.      John Simon, respectively, on September 25, 2000.  The options      are fully vested and expire on September 25,  2010. |

|   | · | If      the executive is terminated without cause, or if the executive terminates      his employment for good reason not in connection with a change of control,      he will be entitled to: (i) a lump sum payment in an amount equal to his      base salary, (ii) continuation of the health and welfare benefits (or the      economic equivalent thereof) for one year after the termination and (iii)      the right to exercise immediately any stock options and to freely trade      any restricted stock that, but for such termination, would have become      exercisable or tradable, as the case may be, within one year of the date      of such termination. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In      addition to the foregoing, if the executive (other than Dr. Uden) is      terminated without cause or terminates his employment for good reason as a      result of a change of control (as defined below) (including without      limitation any termination within two years of a change of control) then      he shall also be entitled to a lump sum payment in an amount equal to the      greater of: (i) his then targeted annual bonus or (ii) his annual bonus      immediately prior to the change of control.  Dr. Uden’s and Mr.      Davis’s employment agreements further provide that in the event of a      change of control, on the first annual anniversary of the effective date      of such change of control, all stock options granted to Dr. Uden or Mr.      Davis prior to the effective date of the change of control that have not      otherwise vested or expired shall automatically vest and be exercisable by      Dr. Uden or Mr. Davis, asapplicable. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | If      the executive’s employment is terminated due to disability, the executive      will be entitled to: (i) continuation of payment of his base salary until      he commences to receive payments under the Company’s long-term disability      plan, (ii) continuation of the health and welfare benefits (or the      economic equivalent thereof) for one year after the date of termination      and (iii) the right to exercise immediately that proportion of the stock      options which would become exercisable on or before the December 1      immediately following the date of termination equal to the number of days      worked by the executive since the preceding December 1 to the termination      date, divided by 365 days. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | If      the Company provides the executive with a notice of non-renewal for the      employment agreement in accordance with the notice provisions of the      agreement, the executive will be entitled to: (i) continuation of payment      of his base salary for a period equal to one year less the number of days      notice given by the Company to the executive that it does not wish to      extend or further extend the employment agreement, (ii) continuation of      the health and welfare benefits (or the economic equivalent) for one year      after such termination and (iii) the right to exercise immediately any      stock options and to trade freely any restricted stock granted to the      executive which, but for such termination, would have become exercisable      or freely tradable, as the case may be, on or before the December 1      immediately following the date on which the continuation of his base      salary ends; provided, however, that the amounts paid to the executive in      the form of continued base salary payments shall be offset on a dollar for      dollar basis by any cash, or the fair market value of any non-cash,      remuneration, benefit or other entitlement earned, received or receivable      by him in connection with the employment of him in any capacity, other      than dividends, interest income or other passive investment income earned      as a result of an interest in a business or entity of which he owns less      than 2% of the beneficialownership. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | If      Dr. Koster was terminated without cause (as defined below), or if he      terminated his employment for good reason (as defined below), he was      entitled to: (i) a lump sum payment in an amount equal to the sum of (A)      his base salary through the end of the employment period plus (B) two      times his mean average annual bonus during his employment (provided that,      if he had not earned an annual bonus prior to termination, the average      annual bonus would be treated as $200,000), (ii) continuation of the      health and welfare benefits (or the economic equivalent thereof) for one      year after the date of termination, (iii) the right to immediately      exercise that proportion of the stock options which would become      exercisable on or before the December 1 immediately following the date of      termination equal to the number of days worked by him since the preceding      December 1 to the termination date, divided by 365 days, (iv) an      additional portion of the stock options granted to him upon execution of      the employment agreement (the “Upfront Stock Options”) would vest equal to      the amount of vesting that would have occurred if he had continued working      for the Company for two additional years and an additional portion of the      restricted stock granted to him upon execution of the employment agreement      (the “Upfront Restricted Stock”) would vest equal to the greater of (A)      the amount of vesting that would have occurred if he had continued working      for the Company for two additional years and (B) 25% of the aggregate of      the award and (v) any other compensation and benefits he would have been      entitled to under the Company’s benefit  plans and programs;      provided that any cash severance payment made to him as a result of his      termination would be reduced. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In      the event Dr. Koster was terminated due to disability, he was entitled to:      (i) a lump sum payment in the amount of the product of (A) his mean      average annual bonus during his employment (provided that, if he had not      earned an annual bonus prior to termination, the average annual bonus      would be treated as $200,000) and (B) a fraction, the numerator of which      is the number of days in the fiscal year that had elapsed prior to the      termination date and the denominator of which is 365, (ii) an      additional  portion of his Upfront Stock Options would vest      equal to the amount of vesting that would have occurred if he had      continued working for the Company for two additional years and an      additional portion of the his Upfront Restricted Stock would vest equal to      the greater of (A) the amount of vesting that would have occurred if he      had continued  working for the Company for two additional years      and (B) 25% of the aggregate of such award and (iii) any other      compensation and benefits he would have been entitled to under the      Company’s benefit plans andprograms. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | If      either Dr. Koster or the Company provided notice of non-renewal, in      accordance with the notice provisions of the agreement, he was entitled      to: (i) a lump sum payment in an amount equal to one times the sum of (A)      his base salary and (B) the mean average annual bonus he earned during his      employment; provided that such lump sum payment would decrease any other      severance payment that he would have been entitled to from the      Company. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In      addition, if Dr. Koster was terminated without cause or terminated his      employment for good reason as a result of a change of control (including      without limitation any termination within two years of a change of      control) then he was also entitled to a lump sum payment in an amount      equal to: (i) three times the sum of (A) his base salary and (B) the mean      average annual bonus he earned during his employment (provided that, if he      had not earned an annual bonus prior to termination, the average annual      bonus would be treated as $200,000), (ii) continuation of his health and      welfare benefits for 18 months, (iii) 100% vesting in his Upfront Stock      Options and any other annual stock option grants which were made under the      Neurogen 2001 Stock Option Plan, (iv) an additional portion of his Upfront      Restricted Stock would vest equal to the greater of (A) the amount of      vesting that would have occurred he had continued working for the Company      for two additional years or (B) 50% of such award, (v) any other      compensation and benefits he would have been entitled to under the      Company’s benefit  plans and programs; provided that any cash      severance payment made to him as a result of his termination would be      reduced and (vii) an excise tax gross-up not to exceed      $5,000,000. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name/      Trigger                                                                                                                                                                    | CashSeveranceAmount                        |                     | AcceleratedVesting      ofStockOptions(9) | Continuationof      Health&      WelfareBenefits(10) | Total                                      |                         |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|--------------------------|-------------------------------------------|----------------------------------------------------------|--------------------------------------------|------------------------------|
| William      H. Koster(12)Termination      without Cause/Good ReasonDisabilityNotice      of Non-RenewalChange      of Control TerminationChange      of Control                      | $720,650$132,401$588,249$      1,764,747$0 |  (1)(2)(3)(4)       |  $0$0$0$0$0                          |  $1,274$1,274$1,274$1,911$0                         |  $721,921$133,675$589,523$6,766,658$0 |     (11) |
| Stephen      R. DavisTermination      without Cause/Good Reason DisabilityNotice      of Non-RenewalChange      of Control TerminationChange      of Control                     |  $375,000$187,500$281,250$525,000$0   |  (5)(6)(7)(8)  |  $0$0$0$0$0                          |  $12,052$12,052$12,052$12,052$0                     |  $387,052$199,552$293,302$537,052$0   |                         |
| Alan      J. HutchisonTermination      without Cause/Good ReasonDisabilityNotice      of Non-RenewalChange      of Control TerminationChange      of Control                          |  $323,355$161,678$242,516$420,361$0   |  (5)(6)(7)(8)       |  $0$0$0$0$0                          |  $12,052$12,052$12,052$12,052$0                     |  $335,407$173,730$254,568$432,413$0   |                         |
| James      E. KrauseTermination      without Cause/Good ReasonDisabilityNotice      of Non-RenewalChange      of Control TerminationChange      of Control                            |  $270,842$135,421$203,132$338,553$0   |  (5)(6)(7)(8)  |  $0$0$0$0$0                          |  $11,991$11,991$11,991$11,991$0                     |  $282,833$147,412$215,123$350,544$0   |                         |
| Bertrand      L. ChenardTermination      without Cause/Good ReasonDisabilityNotice      of Non-RenewalChange      of  Control TerminationChange      of Control   |  $262,650$131,325$196,988$328,312$0   |  (5)(6)(7)(8)       |  $0$0$0$0$0                          |  $1,644$1,644$1,644$1,644$0                         |  $264,294$132,969$198,632$329,956$0   |                         |

| (1) | Represents      sum of (i) base salary remaining in his employment term (assuming      employment term was to expire on December 31, 2008), (ii) two times his      average annual bonus of $132,401. Assumes no other benefits received from      the Company’s benefit plans which would reduce the payment and (iii) six      months base salary. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Represents      the product of (i) his average annual bonus of $132,401 and (ii) 365/365      (assuming termination occurred December 31, 2007, the last day of the      fiscal year). Assumes no other benefits received from the Company’s      benefit plans. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Represents      the sum of (i) his base salary and (ii) his average annual bonus of      $132,401. |
|-----|----------------------------------------------------------------------------------------------------|

| (4) | Represents      three times the sum of (i) his base salary and (ii) his average annual      bonus of $132,401. Assumes no other benefits received from the Company’s      benefit plans which would reduce thepayment. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Represents      a lump sum payment equal to one year base  salary. |
|-----|--------------------------------------------------------------------|

| (6) | Represents      six months salary as after six months the Company’s disability plan starts      to provide payments. |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| (7) | Represents      a continued salary payments for one year, less three months (the minimum      notice requirement of non-renewal). Assumes no reduction due to the      executive receiving other income. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Represents      an amount equal to the current targeted bonus, which is expressed as a      percentage of base salary.  For Mr. Davis, the target bonus      percentage based on his position as president was  used. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Represents      the aggregate value of the acceleration of vesting of the executive’s      unvested stock options, based on the spread between the closing price of      the Company’s Common Stock ($3.30) on December 31, 2007 and the      stock options’ exercise prices.  Since all of the outstanding      options held by the named executive offices have an exercise price in      excess of $3.30, the value of the appreciation of the stock options is      zero. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | The      amounts reported in this column for each officer reflect premiums that      would be paid by the Company for group health and welfare benefits for      twelve months after termination ofemployment. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | Includes      an excise tax “gross-up” payment of $5,000,000, which is the maximum      gross-up payment that may be made under Dr. Koster’s      agreement. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (12) | Dr.      Koster’s employment terminated in February 2008, and Dr. Koster was not      entitled to any payments or benefits under his employment      agreement. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Other Benefits

|                                                                  |
|-----------------------------------------------------------------------|
|                                                                  |   | AnnualRetainer      Fees |   | AnnualOption      Awards |   |
| Chairman      of the Board                                            |   | $100,000 | (3) |   | - | - |   |
| Chairman      of the Audit Committee                                  |   | $25,000 | (2)(3) |   | 2,500 | (4) |   |
| Chairman      of the Compensation, Governance, or Science Committee   |   | $5,000 | (3) |   | 2,500 | (4)(5) |   |
| Member      of the Board of Directors                                 |   | $25,000 | (3) |   | 10,000 | (1) |   |
| Members      of Audit, Governance, Compensation, or Science Committee |   | - |   |   | 1,500 | (4)(5) |   |

| (1) | Granted      in quarterly increments of 2,500 options.                                                                                                                                                      |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Annual      maximum of $5,000 to a director if a director chairs more than one      committee with the exception of the chair of the Audit Committee, who      receives $25,000 annually for that position. |
| (3) | All      annual retainers are paid in quarterly installments.                                                                                                                                               |
| (4) | Granted      annually upon appointment to each committee.                                                                                                                                                   |
| (5) | Annual      maximum of 5,000 options to a director for committee    service.                                                                                                                                |

| Director      Compensation as of December 31, 2007 |
|----------------------------------------------------|
|                                               |

| Name                       | Fees      Earned orPaid      in Cash($) | Option      Awards(1) (2)      (3)($) | Total($) |
|----------------------------|-----------------------------------------|---------------------------------------|----------|
| (a)                        | (b)                                     | (d)                                   | (h)      |
| Felix      J. Baker, Ph.D. | 25,000                                  | 46,019                                | 71,019   |
| Julian      C. Baker  | 30,000                                  | 59,023                                | 89,023   |
| Eran      Broshy      | 30,000                                  | 59,023                                | 89,023   |
| Stewart      Hen           | 25,000                                  | 53,822                                | 78,822   |
| Jonathan      S. Leff      | 25,000                                  | 46,019                                | 71,019   |
| Craig      Saxton, M.D.    | 130,000                                 | 64,225                                | 194,225  |
| John      Simon, Ph.D.     | 50,000                                  | 59,023                                | 109,023  |

| (1) | Represents      the compensation costs for financial reporting purposes for the year ended      December 31, 2007 under SFAS 123(R). See Note 7  Stock Options and      Restricted Stock  in the Company’s consolidated financial      statements as set forth in the Company’s Annual Report on Form 10-K      for the year ended December 31, 2007, for the assumptions made in      determining SFAS 123(R) values, except that for purposes of the amounts      shown, no forfeitures were assumed to take place.  Based upon      the retirement provisions of the plan documents the full compensation      expense is recorded as of the date of grant.  There can be no      assurance that the SFAS 123(R) amounts will ever be      realized.  The maximum amount of options granted to a single      director is 15,000 per year. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | At      December 31, 2007, the aggregate number of option awards outstanding was:      Dr. Felix J. Baker – 97,535 shares; Mr. Julian C. Baker – 106,535 shares;      Mr. Eran Broshy – 73,809 shares; Mr. Stewart Hen – 68,542 shares; Mr.      Jonathan S. Leff – 61,042 shares; Dr. Craig Saxton – 158,747 shares      and Dr. John. Simon – 91,254 shares.  Dr. Craig Saxton additionally      held 25,000 shares of restricted stock at December 31,    2007.                                                                                                                                                                                                                                                                                                                                                                                     |
| (3) | The      SFAS 123(R) aggregate grant date value for all options granted to      non-employee directors in the year ended December 31, 2007, was      $387,155.  The grant date fair value for the total 11,500,      14,000, 14,000, 13,000, 15,000 and 14,000 options granted to Dr. Felix J.      Baker, Mr. Julian C. Baker; Mr. Eran Broshy; Mr. Stewart Hen; Mr. Jonathan      S. Leff, Dr. Craig Saxton and Dr. John. Simon, respectively, is equal to      the compensation expense reported in the table above for such persons as a      result of the retirement provisions of the plan documents applicable to      these options.                                                                                                                                                                                                                                                    |

|             | Compensation      Committee |            |
|------------------|-----------------------------|-----------------|
|             |                        |            |
|             | Julian      Baker, Chair    |            |
|             |                        |            |
| Stewart      Hen | Craig      Saxton           | John      Simon |

| Name      and Address of Beneficial Owner                       |   | Shares      Ownedincluding      OptionsExercisable      within60      days of April 2, 2008(1) |      | Right      to AcquireBeneficial      Ownershipunder      Options Exercisablewithin      60 days of April 2 2008 |   | Percent      ofCommon      Stockowned |
|-----------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------|-----------|-----------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|
| Warburg      Pincus & Co. (2)                               |   | 8,571,429                                                                                      |  (2) |                                                                                                            |   | 20.4                                  |
| 466      Lexington Avenue                                       |   |                                                                                           |      |                                                                                                            |   |                                  |
| New      York, NY 10017                                         |   |                                                                                           |      |                                                                                                            |   |                                  |
| Andrew      H. Tisch (3                                         |   | 947,108                                                                                        |      |                                                                                                            |   | 2.3                                   |
| Daniel      R. Tisch (3)                                        |   | 947,108                                                                                        |      |                                                                                                            |   | 2.3                                   |
| James      S. Tisch)                                            |   | 947,108                                                                                        |      |                                                                                                            |   | 2.3                                   |
| Thomas      J. Tisch      (3)                                   |   | 1,247,108                                                                                      |      |                                                                                                            |   | 3.0                                   |
| Joan      H. Tisch (3)                                          |   | 24,100                                                                                         |      |                                                                                                            |   | 0.1                                   |
| Columbia      Wanger Asset Management, L.P. (4)                 |   | 3,375,000                                                                                      |      |                                                                                                            |   | 8.0                                   |
|                                                            |   |                                                                                           |      |                                                                                                            |   |                                  |
| 227      W. Monroe Street, Suite 3000Chicago,      IL 60606     |   |                                                                                           |      |                                                                                                            |   |                                  |
| Wellington      Management Company, LLP (5)                     |   | 3,240,018                                                                                      |      |                                                                                                            |   | 7.7                                   |
| 75      State StreetBoston,      MA 02109                  |   |                                                                                           |      |                                                                                                            |   |                                  |
| Pfizer      Inc. (6)                                            |   | 2,846,000                                                                                      |      |                                                                                                            |   | 6.8                                   |
| 235      East 42nd Street                                       |   |                                                                                           |      |                                                                                                            |   |                                  |
| New      York, NY 10017                                         |   |                                                                                           |      |                                                                                                            |   |                                  |
| BlackRock      Financial Management, Inc. (7)                   |   | 2,447,737                                                                                      |      |                                                                                                            |   | 5.8                                   |
| 40      East 52nd Street                                        |   |                                                                                           |      |                                                                                                            |   |                                  |
| New      York, NY 10022                                         |   |                                                                                           |      |                                                                                                            |   |                                  |
| All      current officers and directors as a group (13 persons) |   | 7,518,056                                                                                      |  (9) | 1,979,015                                                                                                       |   | 17.9                                  |
| William      H. Koster, Ph.D.                                   |   | 773,026                                                                                        |      | 652,660                                                                                                         |   | 1.8                                   |
| Stephen      R. Davis                                           |   | 225,588                                                                                        |      | 162,710                                                                                                         |   | *                                     |
| Alan      J. Hutchison, Ph.D.                                   |   | 186,052                                                                                        |      | 174,323                                                                                                         |   | *                                     |
| Bertrand      L. Chenard, Ph.D.                                 |   | 174,973                                                                                        |      | 167,955                                                                                                         |   | *                                     |
| Stephen      Uden                                               |   | 0                                                                                              |      | 0                                                                                                               |   |                                  |
| James      E. Krause, Ph.D.                                     |   | 182,031                                                                                        |      | 154,955                                                                                                         |   | *                                     |
| Felix      J. Baker, Ph.D.                                      |   | 5,310,305                                                                                      | (8)       | 100,035                                                                                                         |   | 12.6                                  |
| Julian      C. Baker                                            |   | 5,330,813                                                                                      | (8)       | 109,035                                                                                                         |   | 12.7                                  |
| Eran      Broshy                                                |   | 76,309                                                                                         |      | 76,309                                                                                                          |   | *                                     |
| Stewart      Hen                                                |   | 71,042                                                                                         |      | 71,042                                                                                                          |   | *                                     |
| John      LaMattina                                             |   | 824                                                                                            |      | 824                                                                                                             |   | *                                     |
| Jonathan      S. Leff                                           |   | 63,542                                                                                         |      | 63,542                                                                                                          |   | *                                     |
| Craig      Saxton, M.D.                                         |   | 176,871                                                                                        | (9)       | 151,871                                                                                                         |   | *                                     |
| John      Simon, Ph.D.                                          |   | 152,258                                                                                        |      | 93,754                                                                                                          |   | *                                     |
|                                                            |   |                                                                                           |      |                                                                                                            |   |                                  |

Notes:

|  *  | Less      than 1% of the outstanding shares of common stock.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)           | The      holders of Exchange Series A Preferred Stock do not have any voting rights      with respect to such shares or the associated warrants and thus such      shares and warrants are not reflected in the above table. See “Related      Party Transactions”.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| (2)           | Based      on a Schedule 13D/A filed with the SEC on April 14 2008, reporting      beneficial ownership as of April 11, 2008, by Warburg Pincus Private      Equity VIII, L.P., (“WP VII LP”), Warburg Pincus LLC, the manager of each      Investor defined below (“WP LLC”), Warburg Pincus Partners LLC, (WP      Partners LLC”) , Warburg Pincus & Co., the sole general partner      of WP VIII and the managing member of WP Partners (“WP”) and Messrs.      Charles R. Kaye and Joseph P. Landy, each a Managing General Partner of WP      and Co-President and Managing Member of WP LLC.  Due to their      respective relationships with Warburg and each other, each of WP IX LLC,      WP LLC, WPP LLC, WP, Mr. Kaye and Mr. Landy may be deemed to      beneficially own, and each  report shared voting and shared      dispositive power with respect to, an aggregate of 8,571,429 shares of      Common Stock (the “WP Shares”), excluding 7,499,973 shares of Common Stock      issuable upon the exchange of the 192,307 shares of Series A Preferred      Stock and exercise of Warrants to purchase Common Stock beneficially owned      by Warburg Pincus Private Equity VIII, L.P. reported as beneficially owned      in the Schedule 13D/A, The WP Shares include the holdings of Warburg      Pincus Netherlands Private Equity VIII C.V. I (“WPNPE”) and WP-WPVIII      Investors L.P. (WPVIII).  Each of WP VII LP, WP LLC, WP, WP      Partners LLC, Mr. Kaye and Mr. Landy disclaim beneficial      ownership of all shares of the Common Stock except to the extent of any      indirect pecuniary interest therein.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| (3)           | Based on      Schedule 13G/A with the SEC on February 13, 2007, reporting beneficial      ownership as of December 31, 2006, by Andrew H. Tisch, Daniel R. Tisch,      James H. Tisch, Thomas J. Tisch and Joan H. Tisch.  The shares      held by Andrew H. Tisch include 532,094 shares held directly by Andrew H.      Tisch, 126,153 shares held by Andrew H. Tisch 1995 Issue Trust 1, 126,152      shares held by Andrew H. Tisch 1995 Issue Trust 2 and 162,709 shares held      by the Andrew H. Tisch 2005 Annuity Trust II as to which Andrew H. Tisch      has sole voting and sole dispositive power.  The shares held by      Daniel R. Tisch include 532,094 shares held directly by Daniel R. Tisch,      252,305 shares held by the Daniel R. Tisch 1999 Issue Trust and 162,709      shares held by the Daniel R. Tisch 2005 Annuity Trust II as to which      Daniel R. Tisch has sole voting and sole dispositive power.  The      shares held by James H. Tisch include 532,094 held directly by James H.      Tisch, 252,305 shares  held by the James S. Tisch 1995 Issue      Trust and 162,709 shares held by the James S. Tisch 2005 Annuity Trust II      as to which James S. Tisch has sole voting and sole dispositive      power.  Joan H. Tisch holds 24,100 shares as to which she has      sole voting and dispositive power.  The shares held by Thomas J.      Tisch include 532,094 held directly by Thomas J. Tisch, 252,305 shares      held by the Thomas J. Tisch 1994 Issue Trust, 162,709 shares held by the      Thomas J. Tisch 2004 Annuity Trust II and 300,000 shares held by      Four-Fourteen Partners, LLC as to which Thomas J. Tisch has sole voting      and sole dispositive power.  By virtue of their status as      trustees of the respective Annuity Trusts and Issue Trusts referred to      above, each of Andrew H. Tisch, Daniel R. Tisch, James S. Tisch and Thomas      J. Tisch may be deemed to be the beneficial owner of securities held by      those trusts.  By virtue of his status as manager of      Four-Fourteen Partners, LLC, Thomas J. Tisch may be deemed to be the      beneficial owner of securities owned by Four-Fourteen Partners,      LLC.   Each of Andrew H. Tisch, Daniel R. Tisch, James S.      Tisch, Joan H. Tisch and Thomas J. Tisch disclaims that he or she and any      other person or persons in fact constitute a "group" for purposes of      Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, or      Rule 13d-5 thereunder or that he is the beneficial owner of, or has a      pecuniary interest in, any securities owned by any other      person.  The address of each      person is 667 Madison Ave.,      7th Floor, New York, NY      10021, except for Daniel R. Tisch, whose address is 500 Park Ave., New      York, NY 10022. |
| (4)           | Based      on a Schedule 13G filed with the SEC on January 23, 2008 reporting      beneficial ownership as of December 31, 2007 by Columbia Wanger Asset      Management, L.P., which acts as an investment adviser and  is      deemed to have sole voting and sole dispositive power with respect to      these shares.  Includes shares held by Columbia Acorn Trust      (CAT), a Massachusetts business trust that is advised by the reporting      person.  CAT is deemed to own 6.43% of the Common      Stock.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| (5)           | Based      on a Schedule 13G filed with the SEC on February 14, 2008 reporting      beneficial ownership as of December 31, 2007 by Wellington Management      Company, LLP (“Wellington Management”).  In its capacity as an      investment advisor, Wellington Management may be deemed to beneficially      own 3,240,018 shares of the Company which are held of record by clients of      Wellington Management and includes 2,472,400 shares which Wellington is      deemed to have shared power to vote or direct the vote and 3,184,318      shares which Wellington Management is deemed to have shared power to      disposed or direct the disposition.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| (6)           | Based      on a Schedule 13D/A filed with the SEC on February 14, 2005 which reported      beneficial ownership as of December 13, 2005 by Pfizer Inc., is deemed to      have sole voting power and sole dispositive power with respect to these      shares.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| (7)           | Based      on a Schedule 13G filed with the SEC on February 8, 2008 reporting      beneficial ownership as of December 31, 2007 by BlackRock, Inc., a      Delaware corporation (“BlackRock”) , an investment adviser and the parent      holding company for a number of investment management subsidiaries,      including BlackRock Advisors LLC, BlackRock Investment Management LLC and      BlackRock (Channel Islands) Ltd.  BlackRock is deemed to have      shared voting and shared dispositive power with respect to these      shares.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| (8)           | Based      on a Schedule 13D/A filed with the SEC on April 15, 2008, reporting      beneficial ownership as of April 11, 2008 by Julian C. Baker (“J. Baker”)      and Felix J. Baker (“F. Baker”).  Includes 16,200 shares held      directly by J. Baker as to which he has sole voting as dispositive power,      4,692 shares held directly by F. Baker as to which he has sole voting and      dispositive power and 210,556 shares held by Baker/Tisch Investments,      L.P., 230,162 shares held by Baker Bros. Investments, L.P., 203,190 shares      held by Baker Bros. Investments II, L.P., 2,195,509 shares held by Baker      Biotech Fund I, L.P., 2,307,661 shares held by Baker Brothers Life      Sciences, L.P., 58,500 shares held by FBB Associates as to which J. Baker      and F. Baker have shared voting and shared dispositive      power.  Excluding 1,956,825 held by Baker Biotech Fund I, L.P.,      181,116 shares held by Baker Bros Investments II, L.P., 205,140 shares      held by Baker Bros Investments, L.P., 2,056,743 shares held by Baker      Brothers Life Sciences, L.P. and 187,668 shares held by Baker Tisch      Investments, L.P. issuable upon the exchange of shares of Series A      Preferred Stock and exercise of Warrants to purchase Common Stock reported      as beneficially owned in the Schedule 13D/A.  By virtue of their      ownership of entities that have power to control the investment decisions      of the limited partnerships listed above, J. Baker and F. Baker may each      be deemed to be the beneficial owners of the shares owned by such      entities.  J. Baker and F. Baker are also sole partners of FBB      Associates, a general partnership and as such may be deemed to be      beneficial owners of shares owned by FBB Associates.  The      address for J. Baker, F. Baker and each entity listed above is 667 Madison      Avenue, 17th Floor, New York, NY 10065.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (9)           | Includes      25,000 shares of unvested restricted stock.  Excludes shares      beneficially owned by Stephen Uden who is no longer employed by the      Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

| Name      of Investor                   | Number      of Units Purchased | Shares      of Common Stock Issuable Upon Exchange of Series A Exchangeable Preferred      Stock | Shares      of Common Stock Issuable Upon Exercise of Warrants |
|-----------------------------------------|--------------------------------|--------------------------------------------------------------------------------------------------|----------------------------------------------------------------|
| Baker      Bros. Advisors, LLC          | 117,628                        | 3,058,328                                                                                        | 1,529,164                                                      |
| Warburg      Pincus LLC                 | 192,307                        | 4,999,982                                                                                        | 2,499,991                                                      |
| Four-Fourteen      Partners, L.L.C. (1) | 96,154                         | 2,500,004                                                                                        | 1,250,002                                                      |
| John      Simon, Ph.D.                  | 9,615                          | 249,990                                                                                          | 124,995                                                        |

EXHIBIT INDEX

| EXHIBITNUMBER | DESCRIPTION                                                                                                                                                                                                                                                                                                                                                                                               |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 3.1           | Restated      Certificate of Incorporation, filed July 7, 1994 (incorporated by      reference to Exhibit 4.1 to Registration Statement No. 33-81268 on form      S-8).                                                                                                                                                                                                                                   |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 3.2           | By-Laws,      as amended (incorporated by reference to Exhibit 3.6 to the Company’s Form      10-K for the fiscal year ended December 31, 1993).                                                                                                                                                                                                                                                    |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 3.3           | Restated      Certificate of Incorporation, as amended effective June 8, 2007      (incorporated by reference to Exhibit 3.1 to the Company’s Form 10-Q for      the quarterly period ended June 30, 2007).                                                                                                                                                                                         |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 3.4           | Certificate      of Designations, Number, Voting Powers, Preferences and Rights of Series A      Preferred Stock of Neurogen Corporation, filed April 10, 2008      (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K dated      April 7, 2008).                                                                                                                                  |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 4.1           | Registration      Rights Agreement, between the Company and the certain investors named on      Exhibit A thereto, dated April 7, 2008 (incorporated by reference to      Exhibit 4.1 to the Company’s Form 8-K dated April 7,  2008).                                                                                                                                                              |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.1          | Neurogen      Corporation 1993 Omnibus Incentive Plan, as amended (incorporated by      reference to Exhibit 10.3 to the Company’s Form 10-K for the fiscal year      ended December 31, 1993).                                                                                                                                                                                                     |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.2          | Form      of Stock Option Agreement currently used in connection with the grant of      options under Neurogen Corporation 1993 Omnibus Incentive Plan      (incorporated by reference to Exhibit 10.4 to the Company’s Form 10-K for      the fiscal year ended December 31, 1993).                                                                                                                |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.3          | Neurogen      Corporation 1993 Non-Employee Directors Stock Option Program (incorporated      by reference to Exhibit 10.5 to the Company’s Form 10-K for the fiscal      year ended December 31, 1993).                                                                                                                                                                                            |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.4          | Form      of Stock Option Agreement currently used in connection with the grant of      options under Neurogen Corporation 1993 Non-Employee Directors Stock      Option Program (incorporated by reference to Exhibit 10.6 to the Company’s      Form 10-K for the fiscal year ended December 31, 1993).                                                                                           |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.5          | Form      of Proprietary Information and Inventions Agreement (incorporated by      reference to Exhibit 10.31 to Registration Statement No. 33-29709 on Form      S-1).                                                                                                                                                                                                                                  |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.6          | Collaborative      Research Agreement and License and Royalty Agreement between the Company      and Pfizer Inc, dated as of January 1, 1992 (CONFIDENTIAL TREATMENT      REQUESTED) (incorporated by reference to Exhibit 10.35 to the Company’s      Form 10-K for the fiscal year ended December 31, 1991).                                                                                      |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.7          | Collaborative      Research Agreement and License and Royalty Agreement between the Company      and Pfizer Inc, dated as of July 1, 1994 (CONFIDENTIAL TREATMENT      REQUESTED) (incorporated by reference of Exhibit 10.1 to the Company’s      Form 10-Q for the quarterly period ended June 30,1994).                                                                                          |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.8          | Stock      Purchase Agreement between the Company and Pfizer, dated as of July 1,      1994 (incorporated by reference to Exhibit 10.2 to the Company’s Form 10-Q      for the quarterly period ended June 30, 1994).                                                                                                                                                                               |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.9          | Collaboration      and License Agreement and Screening Agreement between the Company and      Schering-Plough Corporation (CONFIDENTIAL TREATMENT REQUESTED)      (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K dated      July 28, 1995).                                                                                                                                   |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.10         | Collaborative      Research Agreement between the Company and Pfizer, dated as of November 1,      1995 (CONFIDENTIAL TREATMENT REQUESTED) (incorporated by reference to      Exhibit 10.1 of the Company’s Form 8-K dated November 1,      1995).                                                                                                                                                  |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.11         | Development      and Commercialization Agreement between the Company and Pfizer, dated as      of November 1, 1995 (incorporated by reference to Exhibit 10.2 of the      Company’s Form 8-K dated November 1, 1995).                                                                                                                                                                               |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.12         | Stock      Purchase Agreement between the Company and Pfizer, dated as of November 1,      1995 (incorporated by reference to Exhibit 10.3 of the Company’s Form 8-K      dated November 1, 1995).                                                                                                                                                                                                  |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.13         | Stock      Purchase between American Home Products Corporation, acting through its      Wyeth-Ayerst Laboratories Division, and Neurogen Corporation Agreement,      dated as of November 25, 1996 (CONFIDENTIAL TREATMENT REQUESTED)      (incorporated by reference to Exhibit 10.1 of the Company’s Form 8-K dated      March 31, 1997).                                                         |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.14         | Technology      agreement between the Company and Pfizer Inc., dated as of June 15, 1999      (CONFIDENTIAL TREATMENT REQUESTED) (incorporated by reference to Exhibit      10.27 to the Company’s Form 10-Q for the quarterly period ended June 30,      1999).                                                                                                                                    |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.15         | Amended      and Restated Employment Agreement between Neurogen Corporation and Alan      Hutchison dated as of May 8, 2007 (incorporated by reference to Exhibit      10.3 of the Company’s Form 10-Q for the quarterly period March 31,      2007).                                                                                                                                               |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.16         | Amended      and Restated Employment Agreement between Neurogen Corporation and Stephen      R. Davis, dated as of May 8, 2007 (incorporated by reference to Exhibit      10.1 of the Company’s Form 10-Q for the quarterly period ended March 31,      2007).                                                                                                                                      |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.17         | Neurogen      Corporation 2000 Non-Employee Directors Stock Option Program (incorporated      by reference to Exhibit 10.31 to the Company’s Form 10-Q for the quarterly      period ended June 30, 2000).                                                                                                                                                                                          |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.18         | Form      of the Non-Qualified Stock Option Agreement currently used in connection      with the grant of options under the Neurogen Corporation 2000 Non-Employee      Directors Stock Option Program (incorporated by reference to Exhibit 10.32      to the Company’s Form 10-Q for the quarterly period ended June 30,      2000).                                                              |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.19         | Registration      Rights Agreement between the Company and the Purchasers listed on Exhibit      A thereto, dated as of June 26, 2000 (incorporated by reference to Exhibit      10.33 to the Company’s Form 10-Q for the quarterly period ended June 30,      2000).                                                                                                                               |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.20         | Amended      and Restated Neurogen Corporation 2001 Stock Option Plan, as amended and      restated effective September 4, 2001 (incorporated by reference to Exhibit      10.29 to the Company’s Form 10-Q for the quarterly period ended September      30, 2001).                                                                                                                                |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.21         | Form      of Incentive Stock Option Agreement currently used in connection with the      grant of options under the Amended and Restated Neurogen Corporation 2001      Stock Option Plan (incorporated by reference to Exhibit 10.30 to the      Company’s Form 10-Q for the quarterly period ended September 30,      2001).                                                                      |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.22         | Form      of the Non-Qualified Stock Option Agreement currently used in connection      with the grant of options under the Amended and Restated Neurogen      Corporation 2001 Stock Option Plan (incorporated by reference to Exhibit      10.31 to the Company’s Form 10-Q for the quarterly period ended September      30, 2001).                                                              |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.23         | Form      of Neurogen Special Committee Stock Option Plan (incorporated by reference      to Exhibit 10.32 to the Company’s Form 10-Q for the quarterly period ended      September 30, 2001).                                                                                                                                                                                                      |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.24         | Employment      Agreement between the Company and William H. Koster, dated as of September      4, 2001 (incorporated by reference to Exhibit 10.33 to the Company’s Form      10-Q for the quarterly period ended September 30,2001).                                                                                                                                                              |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.25         | Collaboration      and License Agreement between the Company and Aventis Pharmaceuticals      Inc., dated as of December 11, 2001 (CONFIDENTIAL TREATMENT REQUESTED)      (incorporated by reference to Exhibit 10.35 to the Company’s Form 10-K/A2      for the period ended December 31, 2001).                                                                                                   |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.26         | Modification      Agreement between Neurogen Properties LLC and Connecticut Innovations,      Incorporated, dated as of December 1, 2000 (incorporated by reference to      Exhibit 10.36 to the Company’s Form 10-KA/3 for the period ended December      31, 2001).                                                                                                                               |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.27         | Construction      Loan Agreement between Neurogen Properties LLC and Connecticut      Innovations, Incorporated, dated as of October 22, 1999 (incorporated by      reference to Exhibit 10.37 to the Company’s Form 10-KA/3 for the period      ended December 31, 2001).                                                                                                                          |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.28         | Commercial      Term Note, held by the Company and payable to Webster Bank, dated as of      December 21, 2001 (incorporated by reference to Exhibit 10.38 to the      Company’s Form 10-KA/3 for the period ended December 31,      2001).                                                                                                                                                         |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.29         | Commercial      Loan Agreement between Webster Bank and the Company, dated as of December      21, 2001  (incorporated by reference to Exhibit 10.39 to the      Company’s Form 10-KA/3 for the period ended December 31,      2001).                                                                                                                                                     |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.30         | Form      of Proprietary Information and Inventions Agreement (incorporated by      reference to Exhibit 10.2 to the Company’s Form 10-Q for the quarterly      period ended June 30, 2002).                                                                                                                                                                                                        |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.31         | Amendments      to the Neurogen Corporation Non-Employee Directors Stock Option Program      (incorporated by reference to Exhibit 10.1 to the Company’s Form 10-Q for      the quarterly period ended September 30, 2002).                                                                                                                                                                         |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.32         | Collaboration      and License Agreement between the Company and Merck Sharp & Dohme      Limited, dated as of November 24, 2003 (CONFIDENTIAL TREATMENT REQUESTED)      (incorporated by reference to Exhibit 10.43 to the Company’s Form 10-K for      the period ended December 31, 2003).                                                                                                   |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.33         | Stock      Purchase Agreement between the Company and Merck Sharp & Dohme      Limited, dated as of November 24, 2003  (CONFIDENTIAL TREATMENT      REQUESTED) (incorporated by reference to Exhibit 10.43 to the Company’s      Form 10-K for the period ended December 31, 2003).                                                                                                   |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.34         | Securities      Purchase Agreement by and between the Company, Warburg Pincus Private      Equity VIII, L.P., entities affiliated with Baker Brothers Investments and      entities affiliated with the Tisch family, dated March 19, 004      (incorporated by reference to Exhibit 99.1 of the Company’s Form 8-K dated      March 26, 2004).                                                     |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.35         | Letter      Agreement dated as of March 26, 2004, amending the securities purchase      dated March 19, 2004, by and between the Company, Warburg Pincus Private      Equity VIII, L.P., entities affiliated with Baker Brothers Investments and      entities affiliated with the Tisch family (incorporated by reference to      Exhibit 99.1 of the Company’s Form 8-K dated March 26,    2004). |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.36         | Neurogen      Corporation Code of Business Conduct and Ethics, April 27, 2004      (incorporated by reference to Exhibit 14.1 of the Company’s Form 10-K/A      dated April 29, 2004).                                                                                                                                                                                                              |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.37         | Neurogen      Corporation 2000 Non-Employee Directors Stock Option Program, as amended      (incorporated by reference to Appendix B of the Registrant’s Definitive      Proxy Statement on Schedule 14A (File No. 000-18311) filed on July 12,      2004).                                                                                                                                         |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.38         | Amended      and Restated Neurogen Corporation 2001 Stock Option Plan, as amended      (incorporated by reference to Appendix D of the Registrant’s Definitive      Proxy Statement on Schedule 14A (File No. 000-18311) filed on July 12,      2004).                                                                                                                                              |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.39         | Neurogen      Corporation Audit Committee Charter (May 19, 2004) (incorporated by      reference to Appendix E of the Company’s Form DEF 14A dated July 12,      2004).                                                                                                                                                                                                                             |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.40         | Form      of Non-Qualified Stock Option Agreement for the Neurogen Corporation 2000      Non-Employee Directors Stock Option Program (incorporated by reference to      Exhibit 10.1 of the Company’s Form 8-K dated December 20,      2004).                                                                                                                                                       |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.41         | Form      of Incentive Stock Option Agreement for the Amended and Restated Neurogen      Corporation 2001 Stock Option Plan (incorporated by reference to Exhibit      10.2 of the Company’s Form 8-K dated December 20,2004).                                                                                                                                                                      |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.42         | Form      of Non-Qualified Stock Option Agreement for the Amended and Restated      Neurogen Corporation 2001 Stock Option Plan (incorporated by reference to      Exhibit 10.3 of the Company’s Form 8-K dated December 20,      2004).                                                                                                                                                            |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.43         | Form      of Restricted Share Award Agreement for the Amended and Restated Neurogen      Corporation 2001 Stock Option Plan (incorporated by reference to Exhibit      10.4 of the Company’s Form 8-K dated December 20,2004).                                                                                                                                                                      |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.44         | Amended      and Restated Neurogen Corporation 2001 Stock Option Plan (as amended and      restated) (incorporated by reference to Appendix B of the Registrant’s      Definitive Proxy Statement on Schedule 14A (File No. 000-18311) filed on      May 19, 2005).                                                                                                                                 |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.45         | Neurogen      Corporation Audit Committee Charter (As Amended on July 20, 2004)      (incorporated by reference to Appendix C of the Company’s Form DEF 14A      dated May 19, 2005).                                                                                                                                                                                                               |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.46         | Amended      and Restated Employment Agreement between Neurogen Corporation and Stephen      Uden, dated as of May 8, 2007 (incorporated by reference to Exhibit 10.2      of the Company’s Form 10-Q for the quarterly period March 31,      2007).                                                                                                                                                |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.47         | License      Agreement between Neurogen Corporation and Wyeth Pharmaceuticals dated as      of November 22, 2006 (incorporated by reference to Exhibit 10.47 of the      Company's Form 10-K for the period ended December 31,    2006).                                                                                                                                                                  |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.48         | Separation      Agreement and General Release between Neurogen Corporation and Charlie      Ritrovato dated as of December 29, 2006 (incorporated by reference to      Exhibit 10.48 of the Company's Form 10-K for the period ended December 31,      2006).                                                                                                                                             |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.49         | Neurogen      Corporation 2000 Non-Employee Directors Stock Option Program, as amended      (incorporated by reference to Appendix B of the Registrant’s Definitive      Proxy Statement on Schedule 14A (File No. 000-18311) filed on May 1,      2006).                                                                                                                                           |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.50         | Amended      and Restated Neurogen Corporation 2001 Stock Option Plan, as amended      (incorporated by reference to Appendix D of the Registrant’s Definitive      Proxy Statement on Schedule 14A (File No. 000-18311) filed on May 26,      2006).                                                                                                                                               |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.51         | Employment      Agreement between Neurogen Corporation and James Krause, dated as of May      8, 2007 (incorporated by reference to Exhibit 10.4 of the Company’s Form      10-Q for the quarterly period March 31, 2007).                                                                                                                                                                          |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.52         | Employment      Agreement between Neurogen Corporation and Bertrand Chenard, dated as of      May 8, 2007 (incorporated by reference to Exhibit 10.5 of the Company’s      Form 10-Q for the quarterly period March 31, 2007).                                                                                                                                                                      |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.53         | Amended      and Restated Neurogen Corporation 2001 Stock Option Plan, as amended      (incorporated by reference to Appendix B of the Registrant’s Definitive      Proxy Statement on Schedule 14A (File No. 000-18311) filed on May 14,      2007).                                                                                                                                               |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.54         | Stock      Purchase Agreement between the Company and the purchasers listed on      Exhibit A thereto, dated April 7, 2008 (incorporated by reference to      Exhibit 4.2 to the Company’s Form 8-K dated April 7,  2008).                                                                                                                                                                          |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.55         | Employment      Agreement between the Company and Srdjan Stankovic, dated April 14, 2008      (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K dated      April 14, 2008).                                                                                                                                                                                                      |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 21.1          | Subsidiary      of the registrant (incorporated by reference to Exhibit 21.1 to the      Company’s Form 10-K for the fiscal year ended December 31,      1999).                                                                                                                                                                                                                                     |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 23.1          | Consent of PricewaterhouseCoopers      LLP, Independent Registered Public Accounting Firm. (incorporated by reference to      Exhibit 23.1 of the Company’s Form 10-K for the fiscal year ended December      31, 2007).                                                                                                                                                                            |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 24.1          | Powers of Attorney of Felix J.      Baker, Julian C. Baker, Eran Broshy, Stewart Hen, William H. Koster, John      L. LaMattina, Jonathan S. Leff, Craig Saxton, and John Simon. (incorporated by reference to      Exhibit 24.1 of the Company’s Form 10-K for the fiscal year ended December      31, 2007).                                                                                      |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
| 31.1          | Certification Pursuant to Section      302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                     |
|          |                                                                                                                                                                                                                                                                                                                                                                                                      |
|  31.2    |  Certification Pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                        |

SIGNATURES

| NEUROGEN      CORPORATION                                                                                                |
|--------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                     |
| By: /s/ THOMAS A.      PITLER                                                                                            |
|                                                                                                                     |
| Thomas      A. PitlerSenior      Vice President and Chief Business and Financial OfficerDated:      April 29, 2008  |

| SIGNATURE                                  |   | TITLE                                                   |   | DATE                      |
|--------------------------------------------|--------|---------------------------------------------------------|--------|---------------------------|
|                                       |   |                                                    |   |                      |
|                                       |   |                                                    |   |                      |
| *                                          |   |                                                    |   |                      |
| Craig      Saxton                          |   | Chairman      of the Board and Director                 |   | April      29, 2008       |
|                                       |   |                                                    |   |                      |
| /s/      STEPHEN R. DAVIS                  |   |                                                    |   |                      |
| Stephen      R. Davis                      |   | President      and Chief Executive Officer and Director |   | April      29, 2008       |
|                                       |   |                                                    |   |                      |
| *                                          |   |                                                    |   |                      |
| Felix      Baker                 |   | Director                                                |   | April      29, 2008       |
|                                       |   |                                                    |   |                      |
| *                                     |   |                                                    |   |                      |
| William      H. Koster                     |   | Director                                                |   |  April      29, 2008 |
|                                       |   |                                                    |   |                      |
| *                                          |   |                                                    |   |                      |
| Julian      C. Baker                       |   | Director                                                |   | April      29, 2008       |
|                                       |   |                                                    |   |                      |
| *                                          |   |                                                    |   |                      |
| Eran      Broshy                           |   | Director                                                |   | April      29, 2008       |
|                                       |   |                                                    |   |                      |
| *                                          |   |                                                    |   |                      |
| Stewart      Hen                           |   | Director                                                |   | April      29, 2008       |
|                                       |   |                                                    |   |                      |
|                                       |   |                                                    |   |                      |
| John      L. LaMattina                     |   | Director                                                |   | April      29, 2008       |
|                                       |   |                                                    |   |                      |
| *                                          |   |                                                    |   |                      |
| Jonathan      S. Leff                      |   | Director                                                |   | April      29, 2008       |
|                                       |   |                                                    |   |                      |
| *                                          |   |                                                    |   |                      |
| John      Simon                            |   | Director                                                |   | April      29, 2008       |
|                                       |   |                                                    |   |                      |
| * By:  /s/      STEPHEN R. DAVIS |
| Stephen      R. Davis, Attorney-in-Fact    |