Dutton Associates Announces Investment Opinion: Neurobiological Technologies Strong Speculative Buy Rating Maintained In Updated
April 23 2007 - 12:00PM
Business Wire
Dutton Associates updates its coverage of Neurobiological
Technologies (Nasdaq:NTII) maintaining a Strong Speculative Buy
rating and a 12 month target price of $6. The 12-page report by
Dutton senior analyst Denise T. Resnik, M.S. is available at
www.jmdutton.com as well as from First Call, Bloomberg, Zacks,
Reuters, Knobias, and other leading financial portals.
Neurobiological Technologies continues to attract an increasing
level of interest within the healthcare and financial fields. The
Company�s major research effort is being concentrated on Phase III
clinical trials of Viprinex� for the treatment of acute ischemic
stroke, which is believed to have a world-wide market approaching
$2 billion. In an effort to maximize the potential of the Viprinex
program, the Company appointed Warren W. Wasiewski, M.D., F.A.A.P.,
as Vice President, Clinical Programs, to lead the clinical
development program. Dr. Wasiewski, a board certified pediatric
neurologist, was pivotal in the development and execution of
AstraZeneca�s Phase III clinical studies for acute ischemic stroke.
The Viprinex program has been partially funded by two sources of
income. The Company sold the rights and assets of Xerecept� for the
treatment of peritumoral brain edema while it continues to sponsor
and conduct pivotal Phase III clinical trials. In addition, the
Company benefits from an increasing stream of royalties related to
sales of Memantine� for the treatment of Alzheimer�s disease.
Recently, the Company sold to institutional investors
shelf-registered common stock and warrants with net proceeds
estimated at approximately $6.6 million. If Viprinex�s clinical
trials are successful, we believe an eventual market capitalization
for Neurobiological Technologies that is a multiple of the current
level is reasonable. About Dutton Associates Dutton Associates is
one of the largest independent investment research firms in the
U.S. Its 31 senior analysts are primarily CFAs, and have expertise
in many industries. Dutton & Associates provides continuing
analyst coverage of over 145 enrolled companies, and its research,
estimates, and ratings are carried in all the major databases
serving institutions and online investors. The cost of enrollment
in our one-year continuing research program is US $35,000 prepaid
for 4 Research Reports, typically published quarterly, and
requisite Research Notes. Dutton Associates received $87,500 from
the Company for 14 Research Reports with coverage commencing on
5/13/02. The Firm does not accept any equity compensation. Our
principals and analysts are prohibited from owning or trading in
securities of covered companies. The views expressed in this
research report accurately reflect the analyst's personal views
about the subject securities or issuer. Neither the analyst's
compensation nor the compensation received by us is in any way
related to the specific ratings or views contained in this research
report or note. Please read full disclosures and analyst background
at www.jmdutton.com before investing.
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