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Neurobiological Technologies Closes $60 Million Common Stock Offering

Tuesday, November 6, 2007 General News J E 4
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EMERYVILLE, Calif., Nov. 5 NeurobiologicalTechnologies, Inc. (NTI(R)) (Nasdaq: NTII), today announced that it had closeda $60 million underwritten offering of 21,818,181 shares of common stock.Amongst the larger investors in the offering were Biotechnology Value Fund,LP, Great Point Partners, LLC, and Millennium Technology Value Partners, L.P.The Company received approximately $55 million of net offering proceeds afterunderwriting discounts and commissions.

Paul E. Freiman, President and CEO stated, "Our goal was to raisesufficient capital to fund our lead compound, Viprinex(TM), through thecompletion of two existing phase 3 trials. Viprinex is being developed as anagent for the treatment of acute ischemic stroke. Based on our forecasts, weanticipate that we have accomplished this goal through both increasedpositions taken by existing investors, and the addition of significant newinvestors. The basic premise behind our vision is to enhance the limitedtreatment options available to victims of this terrible condition."

Mr. Freiman continued, "If we succeed in our ongoing clinical trials ofViprinex for acute ischemic stroke, we expect that we will effectively doublethe available treatment window for the current approved therapy. We arepleased with the proceeds from this offering, which we expect will end theneed for serial fund raises during that time. Merriman Curhan Ford & Co.played a key role in bringing this offering to completion and we were quitepleased with their performance."

Merriman Curhan Ford & Co. (Amex: MEM) acted as the sole book-runningmanager in this offering, and Dawson James Securities, Inc. acted asco-manager.

About Neurobiological Technologies, Inc.

NTI is a specialty biopharmaceutical company with expertise in identifyingand acquiring promising drug candidates and in designing and managinglate-stage clinical trials for central nervous system conditions. The Companyis currently developing Viprinex(TM) (ancrod), a novel reperfusion agent thatis in pivotal Phase 3 trials for the treatment of acute ischemic stroke.

Forward-Looking Statements

Except for the historical information contained herein, the mattersdiscussed in this press release are forward-looking statements that involverisks and uncertainties, including uncertainties regarding obtaining approvalfor Viprinex, our levels of future expenditures and capital resources and ourneed to raise additional capital to fund our operations, as well as otherrisks detailed from time to time in our Annual Report of Form 10-K and otherfilings with the Securities and Exchange Commission. Actual results maydiffer materially from those projected. These forward-looking statementsrepresent our judgment as of the date of the release. We undertake noobligation to update these forward-looking statements.

SOURCE Neurobiological Technologies, Inc.
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