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Neurobiological Technologies Reports Second Quarter Fiscal 2009 Financial Results

Friday, February 13, 2009 General News J E 4
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EMERYVILLE, Calif., Feb. 12 Neurobiological Technologies, Inc. (NTI(R)) (Nasdaq: NTII) today announced financial results for the three-month and six-month periods ended December 31, 2008.



Revenues for the second quarter of fiscal 2009 were $3.5 million compared to $3.7 million for the second quarter of fiscal 2008. Research and development expenses were $10.4 million for the three months ended December 31, 2008 compared to $7.4 million for the three months ended December 31, 2007. General and administrative expenses were $1.2 million for the three months ended December 31, 2008 compared to $1.9 million for the three months ended December 31, 2007.



The net loss for the second quarter of fiscal 2009 was $7.8 million, or $0.29 per share, compared to a net loss of $6.9 million, or $0.36 per share, for the second quarter of fiscal 2008.



Revenues for the first six months of fiscal 2009 were $7.1 million compared to revenues of $7.6 million for the same period of fiscal 2008. Research and development expenses were $15.8 million for the six months ended December 31, 2008 compared to $12.9 million for the six months ended December 31, 2007. General and administrative expenses were $2.5 million for the six months ended December 31, 2008 compared to $3.6 million for the six months ended December 31, 2007. The net loss for the six months ended December 31, 2008 was $10.6 million, or $0.39 per share, compared to a net loss of $7.8 million, or $0.65 per share, for the six-months ended December 31, 2007.



Cash, cash equivalents and investments were $32.2 million at December 31, 2008. The cash and total investments balance included cash and equivalents of $6.9 million, short term investments of $16.4 million and auction-rate securities carried at an estimated fair value of $8.9 million and classified as long-term investments. Total liabilities, excluding deferred revenue of $16.0 million, were $8.5 million at December 31, 2008.



About Neurobiological Technologies, Inc.

Neurobiological Technologies, Inc. is a biopharmaceutical company historically focused on developing novel, first-in-class agents for central nervous system conditions and other serious unmet medical needs. The company recently terminated development of its most advanced product candidate, Viprinex(TM) (ancrod), which was studied in Phase 3 clinical trials for evaluation as a new drug to treat acute ischemic stroke. NTI has an early-stage development program for Alzheimer's disease and rights to receive payments on an approved drug for Alzheimer's disease and an investigational drug which has recently completed a Phase 3 trial for brain swelling.



NOTE: Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including risks relating to our terminated clinical trials and our continuing contractual commitments, and levels of future operations and expenditures, as well as other risks detailed from time to time in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Actual results may differ materially from those projected. These forward-looking statements represent our judgment as of the date of the release and we undertake no obligation to update these forward-looking statements.







CONDENSED STATEMENTS OF OPERATIONS (Unaudited - in thousands, except per share amounts) Three months ended Six months ended December 31, December 31, 2008 2007 2008 2007 REVENUES Royalty $2,007 $2,103 $4,085 $4,084 Technology sale and collaboration services 1,484 1,560 2,971 3,479 Total revenues 3,491 3,663 7,056 7,563 EXPENSES Research and development 10,392 7,416 15,844 12,877 General and administrative 1,201 1,912 2,532 3,571 Total expenses 11,593 9,328 18,376 16,448 Operating loss (8,102) (5,665) (11,320) (8,885) Interest income 264 452 513 479 Gain on sale of long-term investment - - 170 - Interest expense, including non-cash amortization of $1,748 and $2,336 discount on notes for the three and six months ended December 31, 2007, respectively - (1,847) - (2,478) Non-cash gain on change in fair value of warrants - 177 37 3,079 NET LOSS $(7,838) $(6,883) $(10,600) $(7,805) BASIC AND DILUTED NET LOSS PER SHARE $(0.29) $(0.36) $(0.39) $(0.65) Shares used in basic and diluted net loss per share calculation 26,924 19,313 26,924 12,042

SOURCE Neurobiological Technologies, Inc.
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