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Neurobiological Technologies Reports Third Quarter Fiscal 2009 Financial Results
Date:5/8/2009

igational drug which has recently completed a Phase 3 trial for brain swelling.

NOTE: Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including risks relating to our terminated clinical trials, our remaining contractual commitments, the success of our efforts to maximize the value of our cash and other assets for our shareholders, and levels of future operations and expenditures, as well as other risks detailed from time to time in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Actual results may differ materially from those projected. These forward-looking statements represent our judgment as of the date of the release and we undertake no obligation to update these forward-looking statements.

                               CONDENSED STATEMENTS OF OPERATIONS
                      (Unaudited - in thousands, except per share amounts)


                               Three months ended       Nine months ended
                                    March 31,                March 31,
                                2009        2008         2009        2008

     REVENUES
         Royalty                1,505       2,161        5,590        6,245
         Technology sale
          and collaboration
          services              1,508       1,523        4,479        5,002

     Total revenues             3,013       3,684       10,069       11,247

     EXPENSES
         Research and
          development           1,857       5,945       17,701       18,822
         General and
          administrative        1,438       1,757        3,970        5,327

           Total expenses       3,295       7,702       21,671       24,149

     Operating los
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SOURCE Neurobiological Technologies, Inc.
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