NeurogesX (NGSX) 8-K Other Events

1

NGX-1998

Phase 2 (C204 Study)

Postherpetic Neuralgia (PHN)

Top-Line Results

November 8, 2011

Exhibit 99.2

2

Study Objectives 

1.

Assess preliminary safety and efficacy of 10% and 20%

applied for 5 minutes

2.

Assess preliminary dose response of 20% vs. 10% vs. 

Placebo

3.

Determine if topical anesthetic pre-treatment required

4.

Assess if inert placebo is an appropriate control to

maintain the study blinding.

3

Phase 2 Study Design

Placebo

NGX-1998 (10%)

NGX-1998 (20%)

30-min pre-treatment

30-min pre-treatment

15-min pre-treatment

15-min pre-treatment

No pre-treatment

No pre-treatment

Placebo

NGX-1998 (10%)

NGX-1998 (20%)

Pre-Rx from

Stage 1

Pre-Rx from

Stage 1

Pre-Rx from

Stage 1

Stage 1

Stage 2

No pre-treatment used in Stage 2 (based on Stage 1 results)

No pre-treatment used in Stage 2 (based on Stage 1 results)

Randomization (2:2:1)

Treatment Application Time: 5 minutes in both Study Stages

4

Demographic Characteristics (Baseline)

Placebo

(N=33)

NGX-1998

Total

(N=164)

10%

(N=66)

20%

(N=65)

Average Age

69

70

71

70

Gender (Male)

48%

48%

49%

49%

Average

Duration of PHN

(Year)

3.1

3.3

4.1

3.6

Average NPRS

Score (0-10)

5.9

6.2

6.1

6.1

Concomitant

Neuropathic

Pain

Medications

49%

46%

49%

48%

5

Pain Relief Maintained Through 12 Weeks

Following a 5-minute application

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

Placebo

NGX-1998 (10%)

NGX-1998 (20%)

LS MEAN % CHANGE FROM BASELINE

OF AVERAGE NPRS SCORES

6

Dose Response Data

-30%

-25%

-20%

-15%

-10%

-5%

0%

Placebo    

(N=33)

NGX-1998 (10%)

(N=66)

NGX-1998 (20%)

(N=65)

Wks 2-8

Wks 2-12

7

Safety Results

Placebo

(N=33)

NGX-1998

10%

(N=66)

20%

(N=65)

Adverse Events

67%

95%

100%

Local Site Reactions

61%

89%

97%

Serious  Adverse

Events

9%

5%

3%

Discontinuation due

to Adverse Events

0%

0%

0%

8

C204 Top-Line Study: Our Conclusions

All Study Objectives Were Met

1.

Initial evidence of a dose response:

Treatment Effect:  20% > 10% > Placebo

20% showed similar pain reduction profile to Qutenza

2.

No topical anesthetic pre-treatment required

3.

Excellent safety profile

4.

Suggests true placebo is an appropriate control for future

studies

9

Safe Harbor

Forward

looking

statements

may

include,

but

are

not

limited

to,

statements

regarding

the

utility

of

the

data

from

the

completed

clinical

trial

of

NGX-

1998

for

designing

future

clinical

trials,

including

potential

for

non-use

of

anesthetic

pre-treatment

and

use

of

true

placebo.

Such

statements

are

based

on

management's

current

expectations,

but

actual

results

may

differ

materially

due

to

various

risks

and

uncertainties,

including,

but

not

limited

to:

difficulties

or

delays

in

further

clinical

development

of

NGX-1998;

results

from

earlier

clinical

trials

may

not

indicate

similar

results

or

successful

completion

of

future

clinical

trials;

NGX-1998,

or

NeurogesX

approved

product

Qutenza,

may

have

unexpected

adverse

side

effects;

unexpected

or

increased

expenses

in

the

continued

development

of

NGX-1998

or

Qutenza;

market

acceptance

of

NeurogesX’s

existing

product

Qutenza;

and

difficulties

in

maintaining

adequate

funding

or

other

resources

for

NeurogesX

operations

and

development

of

NGX-1998.

For

further

information

regarding

these

and

other

risks

related

to

NeurogesX'

business,

investors

should

consult

NeurogesX'

filings

with

the

Securities

and

Exchange

Commission.