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

NEW YORK, LONDON and HAMILTON, Bermuda, Dec. 16 /PRNewswire/ --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 Oncology (ASCO) annual meeting in May 2009, as well as the American Association of Cancer Research annual meeting (AACR) in April 2009. In conformance with the requirements of both ASCO and AACR, XERECEPT(R) datawill be published only after presentation at these meetings.

Celtic Pharma has also retained a top-tier investment bank to serve as its financial advisor in the planned sale in 2009 of Neutron Holdings Limited and its geographical subsidiaries who are the owners of the worldwide commercial rights to XERECEPT(R).

"We believe that the trial data we now have in hand indicate the efficacy and long term safety of Xerecept as a treatment for cerebral edema associated with primary and metastatic brain tumors, permitting substantial reductions or elimination of cortico-steroid dosing in this patient population, and that Xerecept has the potential to become part of the generally accepted standard of care for these patients." said Stephen Evans-Freke, Managing General Partner of Celtic Pharma. "We believe we have built substantial value in Xerecept(R) and we look forward to achieving superior returns for our investors through the sale of this important program in 2009." said John Mayo, co-Managing General Partner of Celtic Pharma.

About Celtic Pharmaceutical Holdings L.P.

Celtic Pharmaceutical Holdings L.P. (Celtic Pharma) is a global private equity investment firm focused on the biotechnology and pharmaceutical industries. Celtic Pharma was founded by Stephen Evans-Freke and John Mayo, CBE and is based in Bermuda, with offices in New York and London. Celtic Pharma acquires and invests in late stage pharmaceutical programs and manages these programs through their development to regulatory approval. Celtic Pharma's aim is to bridge the gap between the established pharmaceutical companies' new product pipeline crisis and the biotech industry's capital drought. For further information, please visit Celtic Pharma's website at

Forward-Looking Statements

Certain statements in this press release are not historical facts, including statements that are preceded by, or followed by, or that include words such as "may," "expect," "anticipate," "believe," or "plan," or similar statements, are forward-looking statements that involve risks and uncertainties, including risks relating to the results of the clinical trials for XERECEPT(R) and the ability of Celtic Pharma or Neurobiological Technologies, Inc. (Nasdaq: NTII) ("NTI") to obtain regulatory approval for XERECEPT(R), as well as other risks detailed from time to time in NTI's Securities and Exchange Commission filings. Copies of these filings are available from NTI upon request. Actual results may differ materially from those projected. These forward-looking statements represent our judgment as of the date of release. We disclaim, however, any intent to update these forward looking statements.

SOURCE Celtic Pharmaceutical Holdings L.P.
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