NTII Neurobiological Technologies (MM)

EMERYVILLE, Calif., April 2 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc. (NASDAQ:NTII) announced that the Company has entered into definitive agreements with institutional investors to sell approximately 3 million shares of common stock through a registered offering for gross proceeds totaling $7 million before fees and expenses. Net offering proceeds are expected to be approximately $6.6 million. The Company will also issue common stock warrants at closing to purchase an equal number of shares at an exercise price of $2.40 per share. The closing is expected to take place on or about April 4, 2007, subject to the satisfaction of customary closing conditions. The shares are being sold pursuant to the Company's shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission on March 23, 2007. Rodman & Renshaw, LLC and Dawson James Securities served as the placement agents for the offering. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The shares of common stock may only be offered by means of a prospectus and the offering has been limited to "qualified institutional buyers." Copies of the final prospectus supplement and accompanying base prospectus can be obtained from Rodman & Renshaw, LLC at 1270 Avenue of the Americas, New York, NY 10017. Fax # 212-356-0536 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 and brain cancer. 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. DATASOURCE: Neurobiological Technologies, Inc. CONTACT: Craig W. Carlson, VP & CFO of Neurobiological Technologies, Inc., +1-510-595-6000 Web site: http://www.ntii.com/

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