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Neurobiological Technologies' Partner, Celtic Pharma, Provides Update on XERECEPT(R) Clinical Program and Planned Sale in 2009
Date:12/16/2008

EMERYVILLE, Calif., Dec. 16 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc. (Nasdaq: NTII) (NTI(R)) today announced that Celtic Pharmaceutical Holdings L.P. (Celtic) has provided an update on XERECEPT(R).

NTI sold the worldwide rights and assets related to XERECEPT to Celtic in November 2005. NTI is entitled to receive milestone payments upon the achievement of certain regulatory approvals, and if XERECEPT is approved for commercial sale, NTI is also entitled to receive profit-sharing payments on sales in the United States and royalties on sales elsewhere in the world.

"We are very pleased at the effort Celtic has applied to this project, bringing it to the point of producing, understanding and presenting solid clinical data to the medical community while simultaneously undertaking a preclinical program to expand the future potential applications of XERECEPT," said Paul E. Freiman, president and chief executive officer. "Further, our partnership has flourished on a personal basis and we both feel each party has added value to the collaboration."

    The text of the press release from Celtic is as follows:

       "Celtic Pharma Announces Update on Status of XERECEPT(R) Program
                            Sale Planned in 2009"

     "New York, London and Bermuda, December 16, 2008 - Celtic Pharmaceutical
     Holdings L.P. ("Celtic Pharma")announced today that the databases have
     been locked and preliminary analyses completed on the two double-blinded
     studies of XERECEPT(R) (corticorelin acetate), as a treatment for
     peritumoral brain edema, as well as an initial database lock on the
     open-label study of XERECEPT's long-term safety and efficacy.

     "The results of these studies are the subject of several abstract
     submissions for the American Society of Clinical Oncolo
'/>"/>
SOURCE Neurobiological Technologies, Inc.
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