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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

consisted of $5.1 million of royalty fees earned from the commercial sales of memantine by Merz and its marketing partners in the United States and certain European countries, $3.2 million from the sale of NTI's rights and assets related to XERECEPT to Celtic, and $4.0 million from the reimbursement of the direct expenses incurred for the services provided to Celtic.

Research and development expenses of $26.7 million in the year ended June 30, 2007 increased by $3.9 million compared to R&D expenses of $22.8 million in fiscal year 2006. During fiscal year 2007, $21.2 million of the R&D expenses were focused on Viprinex(TM), with the remaining $5.5 million on XERECEPT. The increase in research and development expenses resulted from an additional $5.2 million of expenses incurred for the Phase 3 clinical trials of Viprinex, which was partially offset by a decrease of $1.3 million of reimbursed expenses for the continuing Phase 3 clinical trials for XERECEPT.

The Company had no acquired in-process research and development expenses for the fiscal year ended June 30, 2007 compared to $11.5 million for the fiscal year ended June 30, 2006. The 2006 expenses represented the expensing of certain tangible and intangible assets related to the acquisition of Empire Pharmaceuticals from 2005.

General and administrative expenses totaled $6.5 million for the year ended June 30, 2007 compared to $6.0 million in fiscal year 2006. The increase in general and administrative expenses resulted primarily from increases of approximately $362,000 for compensation, $259,000 for consultants and $276,000 for audit fees, offset by a $243,000 decrease in legal fees.

Investment income for the fiscal year ended June 30, 2007 totaled approximately $494,000 compared to $399,000 in fiscal year 2006. The increase was due to higher average cash balances in fiscal 2007 and an increase in our average rate of return on our investment portfolio.

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SOURCE Neurobiological Technologies, Inc.
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