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Neurobiological Technologies' Partner, Celtic Pharma, Announces Results of XERECEPT(R) Phase 3 Clinical Program
Date:6/1/2009

EMERYVILLE, Calif., June 1 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc. (Nasdaq: NTII) (NTI(R)) today announced that Celtic Pharmaceutical Holdings L.P. (Celtic Pharma) has announced the results from its Phase 3 Clinical Program for XERECEPT(R) in patients with edema associated with brain tumors and from preclinical studies of XERECEPT in brain tumor models.

NTI sold the worldwide rights and assets related to XERECEPT to Celtic Pharma in November 2005. If Celtic Pharma commercializes XERECEPT, NTI is entitled to receive milestone payments upon the achievement of certain regulatory approvals and NTI is also entitled to receive profit-sharing payments on sales in the United States and royalties on sales elsewhere in the world. If Celtic Pharma sells or licenses the commercialization rights to XERECEPT, NTI is entitled to a percentage of the net proceeds received by Celtic.

NTI has not reviewed the data from the clinical trials or the preclinical studies and cannot independently corroborate the results reported by Celtic Pharma.

The text of Celtic Pharma's press release is as follows:

Celtic Pharma Announces Results of a Phase III Program Evaluating XERECEPT(R) in Patients with Primary and Metastatic Brain Tumors

Administration of XERECEPT(R) in Patients with Cerebral Edema Demonstrated Clinically Significant Reductions in Steroid Usage Compared to Placebo

New Preclinical Studies Indicate XERECEPT(R) May Have Direct Anti-Tumor and Angiogenesis Inhibition Activity

New York, London and Bermuda, June 1, 2009 - Celtic Pharmaceutical Holdings L.P. ("Celtic Pharma") today reported at the American Society of Clinical Oncology meeting in Orlando the results of two randomized double-blind, placebo-controlled Phase
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SOURCE Neurobiological Technologies, Inc.
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