July 20, 2009 (FinancialWire) — Bruce A. Peacock has resigned from his roles as audit committee chairman and director at NeurogesX, Inc. (NASDAQ: NGSX) (Current Market Cap: $121.75 Mil.) to focus on his responsibilities as CEO of privately-held Alba Therapeutics.

Following Peacock’s departure NeurogesX said it received a NASDAQ staff deficiency letter dated July 14, indicating that the company fails to comply with NASDAQ’s audit committee composition requirements for continued listing.

NASDAQ requires that the company’s audit committee be comprised of at least three members, each of whom are independent. NeurogesX has until the earlier of its next annual shareholders’ meeting or June 29, 2010 to name a third director as a member of the audit committee so that the company regains compliance.

NeurogesX said that an “active search” for Peacock’s replacement is currently underway and that the company expects to fill the vacancy created by his resignation within the timeframe required by the NASDAQ listing rules.

San Mateo, California-based NeurogesX is a biopharmaceutical company focused on developing and commercializing novel pain management therapies.

The company’s initial focus is on chronic peripheral neuropathic pain, including postherpetic neuralgia, painful HIV-distal sensory polyneuropathy and painful diabetic neuropathy. NeurogesX’ late stage product portfolio is led by its product candidate Qutenza, a dermal patch designed to manage pain associated with peripheral neuropathic pain conditions.

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