Navigation Links
Neurobiological Technologies Announces Amendment of License and Cooperation Agreement with Merz Pharmaceuticals and Childrens' Hospital
Date:2/26/2008

EMERYVILLE, Calif., Feb. 26 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc. (NTI(R)) (Nasdaq: NTII), today announced the amendment of its license and cooperation agreement with Merz Pharmaceuticals GmbH (Merz) and Childrens' Medical Center Corporation ("CMCC") relating to memantine, which is currently marketed in the United States as Namenda(TM) and in Europe as Ebixa(TM).

The amendment modifies the terms of the royalties to be paid to the company on sales of memantine, including discontinuing the payment of royalties on sales of memantine for Alzheimer's disease outside of the United States beginning in the fourth quarter of 2007 (for which the company is due to receive a royalty payment in April 2008) and providing for a staged reduction in the royalty rates to be paid to the company and CMCC on sales of memantine in the United States beginning in the third quarter of 2008. In addition, the amendment provides that neither CMCC nor Merz will give notice of termination of the agreement under the section relating to the development of memantine for the CMCC indications before July 1, 2009 or to be effective before January 1, 2010.

"We felt it was important to agree to this amendment to reduce the uncertainty relating to ability of Merz and CMCC to terminate the agreement on six months' notice and to give us greater assurance that we will continue to receive royalty payments on US sales of memantine for at least the next two years, which will be a critical period for our company as we complete our pivotal phase 3 clinical trials of Viprinex(TM) for ischemic stroke," said Paul E. Freiman, President and CEO of Neurobiological Technologies. "As we effectively receive our payments two quarters after the memantine sales are made, this means that we should receive royalty payments from Merz, albeit at reduced rates, until the second quarter of 2010."

The company also announced that, in connection with entering into the amendment, it had received the payment from Merz due on January 30, 2008 of the royalties on sales of memantine in the third quarter of 2007 in the amount of $2,161,228.

About Neurobiological Technologies, Inc.

NTI is a biopharmaceutical company focused on developing novel agents for central nervous system conditions. The Company's most advanced product candidate is Viprinex(TM) (ancrod), a novel multi-targeted agent currently undergoing pivotal Phase 3 clinical testing for the potential treatment of acute ischemic stroke, one of the most prevalent, debilitating and costly diseases in the world for which there are few acceptable treatment options.

Forward-Looking Statements

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including: our dependence on Merz and its marketing partners and other risks detailed from time to time in our Annual Report of Form 10-K and other filings with the Securities and Exchange Commission.

Actual results may differ materially from those projected. These forward-looking statements represent our judgment as of the date of the release. We undertake no obligation to update these forward-looking statements.


'/>"/>
SOURCE Neurobiological Technologies, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Neurobiological Technologies Reports $2.1 Million Quarterly Payment for Sales of Memantine
2. Neurobiological Technologies Sets Date for Research and Development Day
3. Neurobiological Technologies, Inc. (Nasdaq: NTII) Q2/08 Review Issued By Scimitar Equity Research, Inc.
4. Update: Neurobiological Technologies Sets Date for Second Quarter Financial Results and Conference Call
5. Neurobiological Technologies Sets Date for Second Quarter Financial Results
6. Neurobiological Technologies, Inc. Reports Retirement of Ronald E. Cape, Ph.D., from Board
7. Neurobiological Technologies, Inc. (Nasdaq: NTII) Q1/08 Review Issued By Scimitar Equity Research, Inc.
8. Neurobiological Technologies Announces Pricing of Its $60 Million Common Stock Offering
9. Neurobiological Technologies, Inc. (Nasdaq: NTIID)
10. Neurobiological Technologies, Inc. Reports Fourth Quarter and Fiscal Year-End Financial Results for 2007 Announces 1-for-7 Reverse Stock Split
11. Neurobiological Technologies, Inc. Reports Receipt of Notice From Nasdaq
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/23/2017)... Research and Markets has announced the addition of the ... ... The Global Market for Bioproducts Should Reach $714.6 Billion by ... 8.9%, This research report quantifies the two ... segments: bio-derived chemicals, biofuels, pharmaceuticals (biodrugs and herbal/botanicals), biocomposite materials, ...
(Date:3/23/2017)... Mass. , March 23, 2017 /PRNewswire/ ... partner to global in vitro diagnostics manufacturers ... of the industry,s first multiplexed Inherited ... disease testing by next-generation sequencing (NGS). The ... were developed with input from industry experts ...
(Date:3/23/2017)... PARK, Calif., March 23, 2017  BioPharmX Corporation ... products for the dermatology market, today reported financial ... 31, 2017, and will provide an update on ... the year. "We are pleased to ... year for BioPharmX," said President Anja Krammer. "We ...
(Date:3/23/2017)... -- Kineta, Inc., a biotechnology company focused on ... today announced the discovery and characterization of several ... interferon response factor 3 (IRF3) via RIG-I like ... in a murine colon carcinoma mouse model.  Furthermore, ... regression to initial drug treatment were resistant to ...
Breaking Biology Technology:
(Date:2/21/2017)... 2017 Der weltweite Biobanking-Sektor wird ... einem Gespräch mit mehr als 50 Vertretern aus verschiedenen Branchen ... gilt, um diese Prognose zu realisieren. ... Zu den ... finanziellen Mittel für die Biobank, die Implementierung Zeit sparender ...
(Date:2/13/2017)... FRANCISCO , Feb. 13, 2017  RSA ... centralized platform that is designed to enhance fraud ... latest release in the RSA Fraud & Risk ... enable organizations to leverage additional insights from internal ... tools to better protect their customers from targeted ...
(Date:2/9/2017)... 2017 The biomass boiler market report by ... boiler market globally in terms of revenue (US$ Mn) ... market for biomass boilers has been segmented on the ... country/region. The market based on feedstock type, has been ... & energy crops, urban residues, and others. On the ...
Breaking Biology News(10 mins):