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Neurobiological Technologies, Inc. Reports Fourth Quarter and Fiscal Year-End Financial Results for 2007 Announces 1-for-7 Reverse Stock Split
Date:9/14/2007

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 $12.3 million
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SOURCE Neurobiological Technologies, Inc.
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