Neurobiological Technologies, Inc. Receives $4 Million Milestone Payment From Celtic Pharma for XERECEPT(R)
January 16 2007 - 8:00AM
PR Newswire (US)
EMERYVILLE, Calif., Jan. 16 /PRNewswire-FirstCall/ --
Neurobiological Technologies, Inc. (NTI) (NASDAQ:NTII) today
announced it has received $4 million from Celtic Pharmaceutical
Holdings L.P. (Celtic Pharma) as the final non-contingent payment
for worldwide rights to Celtic Pharma for XERECEPT(R), a Phase III
clinical compound being studied for the treatment of peritumoral
brain edema. With this final payment, NTI will have received a
total of $33 million in guaranteed payments for the sale of
XERECEPT. NTI will also receive up to $15 million in additional
payments if XERECEPT meets certain regulatory milestones. NTI is
serving as the clinical research organization for the Phase III
XERECEPT clinical trials and will receive a share of profits in the
United States and royalties in other international markets if
XERECEPT ultimately receives regulatory approval and is
commercialized. "We look forward to our ongoing involvement with
Celtic and the XERECEPT clinical trials. Our partnership will
continue through the clinical trials and, subject to regulatory
approval, through the commercialization of XERECEPT," said Craig
Carlson, vice president and chief financial officer of NTI. "With
two product candidates in Phase III trials, XERECEPT and
VIPRINEX(TM), we are anticipating an exciting 2007 for NTI." About
Neurobiological Technologies, Inc. NTI is a biotechnology company
engaged in the business of acquiring and developing central nervous
system related drug candidates. The Company is focused on therapies
for neurological conditions that occur in connection with ischemic
stroke, brain cancer, Alzheimer's disease and dementia. The
Company's strategy is to in-license and develop later-stage drug
candidates that target major medical needs and that can be rapidly
commercialized. NTI's experienced management team oversees the
human clinical trials necessary to establish preliminary evidence
of efficacy. For further information, please visit NTI's website at
http://www.ntii.com/. 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 related to clinical trials and the regulatory
approval and successful commercialization of our products, the
inherent risk of failure in developing product candidates based on
new technologies, the risks associated with the cost of clinical
development efforts, and other risks detailed from time to time in
our Annual Report of Form 10-K and other filings with the
Securities and Exchange Commission. Actual results may differ
materially from those projected. These forward- looking statements
represent our judgment as of the date of the release. We disclaim
any intent to update these forward-looking statements. DATASOURCE:
Neurobiological Technologies, Inc. CONTACT: Craig W. Carlson, Vice
President & CFO of Neurobiological Technologies, Inc.,
+1-510-595-6000 Web site: http://www.ntii.com/
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