After a number of price hesitations, Neurologix, Inc. (OTC:NRGX) crashed down hard. Yesterday, the stock lost 35.23% on the 
market, while its traded volume jumped over 448 thousand shares.
Historical data shows that NRGX has not released any news on its business recently, apart from some forms filed with the SEC. The last one was filed on Monday when Neurologix announced that on Oct 28 the company and the investors entered into the First Amendment to Note and Warrant Purchase Agreement and Secured Senior Convertible Promissory Notes. The Amendment extends the maturity of the Notes from Oct 31 to Dec 31, 2011.
According to the document, NRGX previously disclosed that if it could not obtain additional funding for its operations by end-October, then it might not be able to continue as a going concern. Thus, Neurologix will need to obtain capital, and, based on an updated assessment of company’ s financial condition, may not be in a position to continue beyond the end of November 2011.[BANNER]
This sounds pretty bad for investors and might fuel up NRGX price fall. Meanwhile, the latest 10-Q of the company supports all the above-mentioned.
According to the report, as of June 30 the cash position of NRGX got much weaker, while the stockholders’ deficit doubled. In addition, revenues are still missing, accumulated deficit is increasing and losses cannot be covered.
In this case, the current movement of NRGX stock is easy to be explained. However, no one knows how the company will get over it.
