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Neurobiological Technologies Reports Third Quarter Fiscal 2009 Financial Results
Date:5/8/2009

million, or $0.76 per share, for the nine months ended March 31, 2008.

Cash, cash equivalents and investments were $28.8 million at March 31, 2009. The cash and total investments balance included cash, cash equivalents and short-term investments of $21.6 million and long-term auction-rate securities carried at an estimated value of $7.2 million and classified as long-term investments. Total liabilities, excluding deferred revenue of $14.7 million and a warrant liability of $0.2 million, were $6.4 million at March 31, 2009.

"During the third quarter of fiscal 2009, we wound-down most of our operations and significantly reduced expenses. We also initiated a process to identify and evaluate alternatives for the Company's future. Our board's stated mandate in looking at these strategic alternatives is to maximize the value of our cash and other assets for the benefit of all our shareholders, and to proceed expeditiously in the process," stated William Fletcher, acting Chief Executive Officer.

Assuming accrued costs associated with the Viprinex program are fully paid off by June 30, 2009 as currently estimated, the Company expects to end its fiscal year with approximately $23 million in cash, short-term and long-term investments.

-Tables to follow -

About Neurobiological Technologies, Inc.

Neurobiological Technologies, Inc. is a biopharmaceutical company historically focused on developing investigational drugs for central nervous system conditions. The company recently terminated development of its most advanced product candidate, Viprinex(TM) (ancrod), which was studied in Phase 3 clinical trials as a potential new drug to treat acute ischemic stroke. NTI has more recently chosen not to extend its early-stage research programs for Huntington's and Alzheimer's diseases. NTI has rights to receive payments from an approved drug for Alzheimer's disease and an invest
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SOURCE Neurobiological Technologies, Inc.
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