EMERYVILLE, Calif., Sept. 19 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc. announced today that its financial statements for the fiscal year ended June 30, 2007, included in the Company's Annual Report on Form 10-K filed on September 13, 2007, contain a going concern qualification from its independent accounting firm, Odenberg, Ullakko, Muranishi & Co. LLP.
As of June 30, 2007, the Company had cash and cash equivalents and short term investments of approximately $8.9 million. The Company recently filed a registration statement on Form S-1 to raise $65 million in an underwritten common stock offering, which is expected to close in October 2007.
This announcement is being made in compliance with Nasdaq Marketplace Rule 4350(b)(1)(B), which requires separate disclosure of receipt of an audit opinion that contains a going concern qualification. This announcement does not represent any change or amendment to the Company's 2007 financial statements or to its Annual Report on Form 10-K.
About Neurobiological Technologies, Inc.
Neurobiological Technologies, Inc. ("NTI") is a specialty biopharmaceutical company with expertise in identifying and acquiring promising drug candidates and in designing and managing late-stage clinical trials for central nervous system conditions. NTI is currently developing Viprinex, a novel reperfusion agent that is in pivotal Phase 3 trials for the treatment of acute ischemic stroke.
This press release may contain forward-looking statements. These
statements relate to future events and are subject to risks, uncertainties
and assumptions about the Company. These statements are only predictions
based on our current expectations and projections about future events. You
should not place undue reliance on these statements. Actual events or
results may differ materially. Many factors may cause our actual results to
differ materially from any forward-looking statement,
|SOURCE Neurobiological Technologies, Inc.|
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