Neurobiological Technologies Inc. (NTII)

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Press Release Source: Neurobiological Technologies, Inc.

Neurobiological Technologies Closes $60 Million Common Stock Offering
Monday November 5, 6:30 am ET

EMERYVILLE, Calif., Nov. 5 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc. (NTI®) (Nasdaq: NTII - News), today announced that it had closed a $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 after underwriting discounts and commissions.

Paul E. Freiman, President and CEO stated, "Our goal was to raise sufficient capital to fund our lead compound, Viprinex(TM), through the completion of two existing phase 3 trials. Viprinex is being developed as an agent for the treatment of acute ischemic stroke. Based on our forecasts, we anticipate that we have accomplished this goal through both increased positions taken by existing investors, and the addition of significant new investors. The basic premise behind our vision is to enhance the limited treatment options available to victims of this terrible condition."

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

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

http://biz.yahoo.com/prnews/071105/aqm069a.html?.v=1