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Neurobiological Technologies, Inc. Reports First Quarter Fiscal Year 2009 Financial Results
Date:11/6/2008

EMERYVILLE, Calif., Nov. 6 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc. (NTI(R)) (Nasdaq: NTII) today announced its financial results for the quarter ended September 30, 2008, the first quarter of the company's fiscal year ending June 30, 2009. Revenue for the three months ended September 30, 2008 was $3.6 million, compared to $3.9 million for the three months ended September 30, 2007. Operating expenses were $6.8 million for the first quarter of fiscal 2009 compared to $7.1 million for the same period in the prior year. Within the company's operating expenses, research and development was $5.5 million for each of the first quarters of fiscal 2009 and 2008, and general and administrative decreased to $1.3 million for the first quarter of fiscal 2009 compared to $1.7 million for the first quarter of fiscal 2008. The company's operating loss was $3.2 million for both periods. Net loss was $2.8 million for the three months ended September 30, 2008 compared to $0.9 million for the three months ended September 30, 2007. The increased net loss for the fiscal 2009 quarter was primarily due to a non-cash gain of $2.9 million recorded in the fiscal 2008 period as a result of fair-value accounting for a financial instrument. Net loss per share was $0.10 for the three months ended September 30, 2008 compared to $0.19 for the three months ended September 30, 2007. As of September 30, 2008, the company had $28.2 million in cash and short-term investments. The company also held $10.3 million in auction rate securities, which are classified as long-term investments.

"Our clinical team is making important progress on the development of Viprinex(TM) for acute ischemic stroke as we start our new fiscal year. This dedicated group is p
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SOURCE Neurobiological Technologies, Inc.
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