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February 24, 2004

NeurogesX Receives $35 Million in Series C Round

NeurogesX, Inc., a specialty pharmaceutical company focused on the development and commercialization of novel treatments for improved relief of neuropathic pain, today announced it has raised $35 million in a Series C round of equity financing. Leading the round was new investor Global Life Science Ventures who was joined by Diamond Capital Management as agent for Dow Employees’ Pension Plan and the Union Carbide Employees’ Pension Plan.

NeurogesX’ existing major investor group participated in the Series C round as well, including Alta Partners, ARCH Venture Partners, Montreux Equity Partners, Walden International Venture Partners, TIAA-CREF (Teachers Insurance and Annuity Association), and the University of North Carolina. The Company has raised approximately $65 million in total equity investments since its first equity financing round in June 2000.

\"We are excited by our progress in developing potential treatments for neuropathic pain for both postherpetic neuralgia and painful HIV-associated neuropathy,\" said Anthony DiTonno, CEO and President of NeurogesX. \"This funding will allow us to complete our pivotal trials for NGX- 4010, expand our technological capabilities, acquire additional products and submit the NGX- 4010 NDA.”

“We have been very impressed with NeurogesX’s novel approach to the devastating effects of neuropathic pain,” said Dr. Juerg Eckhardt of Global Life Science Ventures. “With today’s therapies offering limited efficacy only, and significant side effects, neuropathic pain clearly represents a large medical need. NeurogesX has a very advanced-stage product candidate that has the potential to be both highly efficacious and with minimal side effects, and which may offer months of relief from a single one-hour application. We believe the company’s innovative approach has the potential to deliver a solution for many patients suffering from severe neuropathic pain.” Dr. Eckhardt has joined the Board of Directors of NeurogesX.

NGX 4010 is an advanced, clinician-administered dermal treatment for neuropathic pain with a profile unlike currently available neuropathic pain treatment options which are associated with systemic side effects and inconvenient dosing regimens. In a phase II clinical trial, a single administration of NGX-4010 provided a profound and clinically significant reduction of pain in postherpetic neuralgia patients, beginning shortly after treatment and lasting for at least twelve weeks. Similar results were demonstrated in a pilot Phase II HIV-associated neuropathy trial. There have been no significant safety issues seen to date. The Company plans to commence studies of NGX-4010 in painful diabetic neuropathy patients in the second half of 2004.

NeurogesX is currently conducting two Phase II/III pivotal trials for the treatment of post-herpetic neuralgia and a Phase II/III pivotal trial for the treatment of painful HIV-associated neuropathy, an indication that has been granted orphan drug status by the United States Food and Drug Administration.

About NeurogesX NeurogesX (neur-o-GEE-six) is a privately held specialty pharmaceutical company focusing on the development novel treatments for improved relief of neuropathic pain and improved quality of life for neuropathic pain patients using advanced neuroscience insights and innovative delivery technologies. The company’s initial products are focused on the treatment of chronic and acute pain.

NeurogesX has raised approximately $65 million in total equity investments since its first equity financing round in June 2000. Investors in NeurogesX include Alta Partners, ARCH Venture Partners, Diamond Capital Management, Global Life Science Ventures, Healthcare Focus Fund, Montreux Equity Partners, TIAA-CREF (Teachers Insurance and Annuity Association), University of North Carolina, Walden International Venture Partners, and others. For more information about NeurogesX, go to 650-508-2116