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

reparing for the upcoming interim analysis while simultaneously accelerating trial enrollment for the subsequent final analysis of this pivotal trial," said Paul E. Freiman, president and chief executive officer. "The Viprinex studies have recently surpassed a total of 600 patients enrolled (out of a target of 650 patients), the first 500 of which will be considered for the upcoming interim analysis, which we expect to complete by January 2009. The interim futility review will constitute a major go/no-go decision for the Viprinex program, since it is the first efficacy assessment ever by our independent Data Safety Monitoring Board (DSMB). For the trial to pass futility, Viprinex must demonstrate predetermined efficacy criteria. If we pass the interim evaluation, the clinical data will remain blinded until the final analysis of the trial, which we expect to complete by mid-2009."

NTI also announced that it has amended its stockholder rights plan, originally adopted by the Board of Directors in 2005, to increase the percentage of the company's common stock that can be acquired by a shareholder from 15 to 20% before rights are triggered under the plan.

Conference Call Information

NTI will webcast its quarterly financial results and host a conference call today at 10:30 a.m. (ET), 7:30 a.m. (PT). Dial-in number (800) 309-1245 (U.S. and Canada) and 719-457-2080 (International). The webcast can be accessed by going to http://investor.shareholder.com/ntii/events.cfm . A playback of the conference call will be available from 1:30 p.m. (ET) today through midnight (ET) on November 13, 2008. Replay number: (888) 203-1112 (U.S. and Canada) / (719) 457-0820 (international). Replay access code: 8094663.

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