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Neurobiological Technologies, Inc. Reports First Quarter Results

Friday, November 9, 2007 General News
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EMERYVILLE, Calif., Nov. 8 NeurobiologicalTechnologies, Inc. (NTI (R)) (Nasdaq: NTII) today announced its financialresults for the quarter ended September 30, 2007.
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Paul Freiman, president and chief executive officer stated, "We continueto invest in our key asset, Viprinex(TM) (ancrod), our drug candidate foracute ischemic stroke currently in two Phase 3 clinical trials. We believeViprinex has the potential to double the treatment window over the currentapproved drug, while at the same time reducing the major side effects offibrinolytics, namely, symptomatic intracranial hemorrhage. The completion ofour $60 million common stock offering in November will support our Phase 3clinical trials for Viprinex and we are pleased that the investors in thisoffering included existing shareholders, new investors and members of ourBoard of Directors."
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Results from the Quarter Ended September 30, 2007:

Net loss for the quarter ended September 30, 2007 was $0.9 million or$0.19 per share, basic and diluted, compared to a net loss of $2.4 million or$0.57 per share for the quarter ended September 30, 2006. The improvement inour net loss compared to the prior years' quarter was primarily the result ofa non-cash gain of $2.9 million on the change in fair value of warrants issuedin April 2007.

Revenues of $3.9 million in the quarter ended September 30, 2007 decreasedby $0.9 million over revenues of $4.8 million in the same period of prioryear. Fiscal 2008 revenues consisted of $2.0 million from royalty fees fromthe commercial sales of memantine by Merz Pharmaceuticals GmbH (Merz) and itsmarketing partners in the United States and certain European countries, ourrecognition of $1.4 million from the sale of our rights and interests inXERECEPT (R) to Celtic Pharmaceutical Holdings L.P. (Celtic), and $0.5 millionfrom the reimbursement of the direct expenses incurred for services toadminister the Phase 3 clinical trials and manufacturing development forXERECEPT in the United States and Canada. Our fiscal 2007 revenues consistedof our recognition of $1.4 million from the sale of our rights and interestsin XERECEPT to Celtic, $1.8 million from the reimbursement of the directexpenses incurred for services to administer the Phase 3 clinical trials andmanufacturing development for XERECEPT, and $1.6 million from royalty feesfrom the commercial sales of memantine by Merz and its marketing partners.

Research and development expenses of $5.5 million in the quarter endedSeptember 30, 2007, decreased by $0.4 million compared to expenses of $5.9million in the same period of prior year. During the quarter, $4.9 million ofthe R&D expenses were focused on Viprinex, with the remaining $0.6 million onXERECEPT. During the quarter, an increase of $0.9 million of expensesincurred for the Phase 3 clinical trials of Viprinex was offset by a decreaseof $1.3 million of expenses for the continuing Phase 3 clinical trials andmanufacturing development for XERECEPT.

General and administrative expenses were $1.7 million and $1.5 million forthe quarters ended September 30, 2007 and 2006, respectively.

At September 30, 2007, we had cash, cash equivalents and total investmentsecurities of $8.4 million. Subsequent to the end of the quarter, wecompleted a common stock offering with net proceeds of approximately $55million. Approximately $6 million of the net proceeds will be used to repaythe short-term notes incurred in September 2007.

Conference Call Information

NTI will web cast its quarterly financial results and host a conferencecall on Thursday, November 8, 2007 at 10:30 a.m. (ET), 7:30 a.m. (PT). Thedial-in number is (877) 627-6544 (U.S. and Canada) and (719) 325-4845(international). A live web cast can be accessed by going to the followinglink: http://investor.shareholder.com/ntii/events.cfm. A playback of theconference call will be avai
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