EMERYVILLE, Calif., May 9 /PRNewswire-FirstCall/ -- Neurobiological
Technologies, Inc. (NTI(R)) (NASDAQ:NTII) today announced its
financial results for the quarter and nine-months ended March 31,
2007. Paul Freiman, president and chief executive officer stated,
"We continue to invest in our key asset, Viprinex(TM) (ancrod), our
drug for acute ischemic stroke currently in two Phase III trials.
During the quarter, Dr. Warren Wasiewski joined NTI to run the
clinical trial program for Viprinex. Prior to joining NTI, Dr.
Wasiewski was a Sr. Medical Director at AstraZeneca and played a
pivotal role in the company's clinical studies for ischemic stroke,
known as the SAINT trials. We are aggressively adding sites to the
clinical trials and will expand to other countries, including
Taiwan, Israel and Canada in the next few months." Results from the
Quarter Ended March 31, 2007: Net loss for the quarter ended March
31, 2007 was $4.4 million or $0.15 per share, basic and diluted,
compared to a net loss of $3.5 million or $0.12 per share for the
quarter ended March 31, 2006. Revenues of $4.9 million in the
quarter ended March 31, 2007 increased by $.3 million over revenues
of $4.6 million in 2006. Our 2007 revenues consisted of our
recognition of $1.4 million from the sale of our rights and
interests in XERECEPT(R) to Celtic, $1.8 million from the
reimbursement of the direct expenses incurred for services to
administer the Phase III clinical trials for XERECEPT in the United
States and Canada, and $1.7 million from royalty fees from the
commercial sales of Memantine by Merz and its marketing partners in
the United States and certain European countries. Our 2006 revenues
consisted of our recognition of $1.4 million from the sale of our
rights and interests in XERECEPT to Celtic, $1.9 million from the
reimbursement of the direct expenses incurred for services to
administer the Phase III clinical trials for XERECEPT, and $1.4
million from royalty fees from the commercial sales of Memantine by
our marketing partners. Research and development expenses of $7.7
million in the quarter ended March 31, 2007, increased by $.9
million compared to expenses of $6.8 million in the same period of
2006. The increase in research and development expenses of $.9
million resulted from an additional $1.0 million of expenses
incurred for the Phase III clinical trials of Viprinex, offset by a
decrease of $100,000 of expenses for the continuing Phase III
clinical trials for XERECEPT. General and administrative expenses,
which include operations of our corporate operations in California
and administrative operations for our office in New Jersey, were
$1.7 million and $1.4 million for the quarters ended March 31, 2007
and 2006, respectively. Results for the nine-months ended March 31,
2007: Net loss for the nine-months ended March 31, 2007 was $9.9
million or $0.34 per share compared to net loss of $23.0 million or
$0.83 per share for the nine-months ended March 31, 2006. Revenues
of $13.7 million in the nine-months ended March 31, 2007 increased
by $5.7 million over revenues of $8.0 million in the same period
2006. Our 2007 revenues consisted of our recognition of $4.1
million from the sale of our rights and interests in XERECEPT, $4.6
million for the reimbursement of the direct expenses we incurred to
administer the Phase III clinical trials for XERECEPT, and royalty
fees of $5.0 million from the commercial sales of Memantine by Merz
and its marketing partners. Our 2006 revenues consisted of our
recognition of $1.8 million from the sale of our rights and
interests in XERECEPT, $2.5 million for the reimbursement of the
direct expenses we incurred to administer the Phase III clinical
trials for XERECEPT, and royalty fees of $3.7 million from the
commercial sales of Memantine by Merz and its marketing partners.
Research and development expenses of $19.2 million in the
nine-months ended March 31, 2007, increased by $4.3 million
compared to expenses of $14.9 million in the same period of 2006.
The increase in research and development expenses of $4.3 million
resulted from an additional $4.7 million of expenses incurred for
the Phase III clinical trials of Viprinex, offset by a decrease of
$0.4 million of expenses for the continuing Phase III clinical
trials for XERECEPT. General and administrative expenses were $4.7
million for the nine-months ended March 31, 2007 and for the same
period in 2006, respectively. Investment income of $84,000 and
$353,000 in the quarter and nine-months ended March 31, 2007,
respectively. The year-over-year increase over the same nine month
period is due to an increase in interest earned on investments
during the current year as compared to the prior year due to higher
market interest rates. The year-over-year decrease for the three
month period is due to lower average cash balance. As of March 31,
2007, we had cash, cash equivalents and total investment securities
available for sale of $5.6 million, which decreased by $9.6 million
from cash, cash equivalents and total investment securities of
$15.2 million as of June 30, 2006, resulting principally from the
cash used in operations during the nine months. In April 2007, we
received royalty fees of approximately $1.9 million from the
commercial sale of Memantine by Merz and its marketing partners. In
April 2007, we sold 3,043,478 shares of common stock and warrants
to purchase an equivalent number of shares of common stock for
gross offering proceeds of $7.0 million and net offering proceeds,
after commissions and expenses, of approximately $6.5 million.
Conference Call Information NTI will web cast its quarterly
financial results and host a conference call on Monday, May 14,
2007 at 9:30 a.m. (ET), 6:30 a.m. (PT). Dial-in number (800)
811-8845 (U.S. and Canada) and 913-981-4905 (International). The
live web cast can be accessed by going to
http://www.shareholder.com/ntii/medialist.cfm . A playback of the
conference call will be available from 12:30 p.m. (ET) on May 14,
2007 through 11:59 p.m. (ET) on May 18, 2007. Replay number: (888)
203-1112 (U.S. and Canada) / (719) 457-0820 (international). Replay
access code: 4287788. 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 evidence of efficacy.
Forward-Looking Statements Except for the historical information
contained herein, the matters discussed in this press release are
forward-looking statements that involve risks and uncertainties,
including: our need for additional capital, fluctuations in our
periodic results, our dependence on third parties for the
development, 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
undertake no obligation to update these forward- looking
statements. CONDENSED STATEMENTS OF OPERATIONS (Unaudited) Three
months ended Nine months ended March 31, March 31, 2007 2006 2007
2006 REVENUES (As Restated) (As Restated) Technology sale and
collaboration services $3,170,000 $3,239,000 $8,727,000 $4,330,000
Royalty $1,708,000 $1,366,000 $4,952,000 $3,687,000 Total revenues
4,878,000 4,605,000 13,679,000 8,017,000 EXPENSES Research and
development 7,690,000 6,815,000 19,229,000 14,865,000 Acquired
in-process research and development -- -- -- 11,501,000 General and
administrative 1,686,000 1,394,000 4,745,000 4,744,000 Total
expenses 9,376,000 8,209,000 23,974,000 31,110,000 Operating loss
(4,498,000) (3,604,000) (10,295,000) (23,093,000) Investment income
84,000 140,000 353,000 228,000 Loss before income tax (4,414,000)
(3,464,000) (9,942,000) (22,865,000) Provision for income taxes --
-- -- 130,000 NET LOSS $(4,414,000) $(3,464,000) $(9,942,000)
$(22,995,000) BASIC AND DILUTED NET LOSS PER SHARE $(0.15) $(0.12)
$(0.34) $(0.83) Weighted average shares used in basic and diluted
net loss per share calculation 29,663,697 29,491,440 29,593,182
27,585,298 SELECTED BALANCE SHEET DATA March 31, 2007 June 30, 2006
(unaudited) (1) Cash and cash equivalents & investments
$5,562,000 $15,248,000 Working capital (942,000) 12,055,000 Total
assets 8,434,000 22,499,000 Accumulated (deficit) (105,083,000)
(95,141,000) Stockholders' (deficit) (20,413,000) (11,402,000) (1)
Derived from audited financial statements. 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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