Conference Call Scheduled for September 17 at 10:30 ET, 7:30 PT
EMERYVILLE, Calif., Sept. 14 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc. (NTI(R)) (Nasdaq: NTII) today announced its financial results for its fiscal fourth quarter and year ended June 30, 2007 and announced a planned 1-for-7 reverse split of its common stock.
For fiscal year 2007, the Company reported revenue of $17.7 million, a 44% increase over last year's revenue of $12.3 million. The net loss for fiscal 2007 was $14.1 million, or $0.47 per share, compared with a net loss of $27.8 million, or $0.98 per share, in fiscal year 2006. At June 30, 2007, the Company's balance of available cash, cash equivalents and investment securities was $8.9 million.
For the fourth quarter ended June 30, 2007, the Company reported revenue of $4.0 million compared to $4.3 million for the same period in 2006. The net loss for the quarter ended June 30, 2007 was $4.2 million, or $0.13 per share, compared with a net loss of $4.8 million, or $0.16 per share, for the same period in 2006.
For the fiscal year ended June 30, 2007, the Company reported revenue
of $17.7 million consisting of $6.9 million of royalty fees earned from the
commercial sales of memantine by Merz + Co. GmbH & Co. (Merz) and its
marketing partners in the United States and certain European countries,
$5.5 million from the sale of NTI's rights and assets related to
XERECEPT(R) to Celtic Pharmaceutical Holdings L.P. (Celtic), and $5.3
million from the reimbursement of the direct expenses incurred for services
provided to Celtic for administering the Phase III clinical trials for
XERECEPT in the United States. The Company's fiscal year 2006 revenues of
|SOURCE Neurobiological Technologies, Inc.|
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