- Conference Call at 10:30 a.m. ET -
EMERYVILLE, Calif., Feb. 11 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc. (NTI(R)) (Nasdaq: NTII) today announced financial results for its fiscal second quarter and the six-months ended Dec. 31, 2007.
Revenues for the second quarter of 2007 were $3.7 million compared to $4.0 million in the same quarter last year. Research and development expenses were $7.4 million in the three months ended Dec. 31, 2007 versus $5.7 million in the same period last year.
General and administrative expenses were $1.9 million for the three months ended Dec. 31, 2007 versus $1.6 million in the same period last year.
Net loss for the second quarter ended Dec. 31, 2007 was $6.9 million, or $0.36 per share, compared with a net loss of $3.1 million, or $0.74 per share, for the second quarter of 2006.
Revenues for the first six months of fiscal 2007 were $7.6 million versus $8.8 million in the same period of 2006. Research and development expenses were $12.9 million in the six months ended Dec. 31, 2007 versus $11.5 million in the same period of 2006. General and administrative expenses were $3.6 million for the six months ended Dec. 31 compared to expenses of $3.1 million for the same period in 2006. Net loss for the six months ended Dec. 31, 2007 was $7.8 million, or $0.65 per share, compared to net loss of $5.5 million, or $1.31 per share, for the six-months ended Dec. 31, 2006.
Cash, cash equivalents and total investments were $52.8 million at December 31, 2007.
Paul Freiman, NTII president and chief executive officer stated, "During the quarter, we completed an offering underwritten by Merriman Curhan & Ford that raised $55 million of net proceeds. This will support our Phase 3 clinical trials for Viprinex(TM). We are pleased that the investors in this offering included existing shareholders, significant new institutional investors and members of our Board of Directors. We continue to invest in our key asset, Viprinex, for acute ischemic stroke currently in two Phase III clinical trials. We believe Viprinex has the potential to double the treatment window over the current approved drug, while at the same time reducing the major side effects of fibrinolytics, namely, symptomatic intracranial hemorrhage."
Freiman continued: "I am also very pleased Dr. Warren Wasiewski, who joined NTII in February 2007 as Vice President, Clinical Programs was promoted to Chief Medical Officer of NTII with primary responsibility for running the clinical trial program for Viprinex. Dr. Wasiewski is a Board Certified Pediatric Neurologist with an extensive clinical career. Prior to joining NTII, he worked at AstraZeneca where he was Sr. Medical Director of clinical research CNS/Emerging Products. At AstraZeneca, Dr. Wasiewski had responsibility for running the global SAINT trials for AstraZeneca's neuroprotectant drug candidate."
About Viprinex Phase 3 Trial Program
Viprinex is an investigational agent with multiple novel mechanisms of action that appear to have the potential to expand the treatment window for treating acute ischemic stroke with a lower risk of intracranial bleeding. The only approved agent to treat stroke is required to be given within the first three hours of stroke symptoms primarily due to increased bleeding risk beyond that window. This time limit has been a barrier to receiving care and improving outcomes and quality of life for stroke patients. Previous large Phase III trials have demonstrated that Viprinex may be effective and appears to be well tolerated for acute ischemic stroke.
Conference Call Information
NTI will webcast its quarterly financial results and host a conference call on Monday, February 11, 2007 at 10:30 a.m. (ET), 7:30 a.m. (PT). Dial-in number (877) 857-6147 (U.S. and Canada) and 719-325-4822 (International). The live 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) on February 11, 2007 through 11:59 p.m. (ET) on February 15, 2007. Replay number: (888) 203-1112 (U.S. and Canada) / (719) 457-0820 (international). Replay access code: 3898964.
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 (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.
Except for the historical information contained herein, the matters
discussed in this press release are forward-looking statements that involve
risks and uncertainties, including uncertainties regarding the timing for
completion of clinical trials, obtaining approval for Viprinex, our levels
of future expenditures and capital resources and our need to raise
additional capital to fund our operations, as well as 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.
CONDENSED STATEMENTS OF OPERATIONS
Three months ended Six months ended
December 31, December 31,
2007 2006 2007 2006
Technology sale and
services $1,559,937 $2,365,243 $3,479,294 $5,556,915
Royalty 2,103,186 1,655,052 4,083,629 3,244,115
Total revenues 3,663,123 4,020,295 7,562,923 8,801,030
development 7,416,295 5,680,680 12,876,721 11,539,139
administrative 1,912,276 1,565,672 3,571,071 3,059,321
Total expenses 9,328,571 7,246,352 16,447,792 14,598,460
Operating loss (5,665,448) (3,226,057) (8,884,869) (5,797,430)
Investment income 451,887 115,728 479,746 269,365
discount on notes
of $1,748,268 and
$2,336,097. (1,846,385) - (2,478,597) -
Non-cash gain on
change in fair value
of warrants 176,849 - 3,079,130 -
NET LOSS $(6,883,097) $(3,110,329) $(7,804,590) $(5,528,065)
BASIC AND DILUTED
NET LOSS PER SHARE $(0.36) $(0.74) $(0.65) $(1.31)
Shares used in basic
and diluted net loss
per share calculation 19,312,845 4,222,654 12,042,296 4,222,643
SELECTED BALANCE SHEET DATA
December 31, 2007 June 30, 2007
Cash and cash
investments $52,791,000 $8,904,000
Working capital 43,691,000 (3,974,000)
Total assets 54,005,000 10,921,000
Accumulated deficit (117,074,000) (109,269,000)
(deficit) 27,817,000 (22,093,000)
(1) Derived from audited financial statements
|SOURCE Neurobiological Technologies, Inc.|
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