- Conference Call at 10:30 a.m. ET - EMERYVILLE, Calif., Feb. 11
/PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc.
(NTI(R)) (NASDAQ:NTII) today announced financial results for its
fiscal second quarter and the six-months ended Dec. 31, 2007.
Revenues for the second quarter of 2007 were $3.7 million compared
to $4.0 million in the same quarter last year. Research and
development expenses were $7.4 million in the three months ended
Dec. 31, 2007 versus $5.7 million in the same period last year.
General and administrative expenses were $1.9 million for the three
months ended Dec. 31, 2007 versus $1.6 million in the same period
last year. Net loss for the second quarter ended Dec. 31, 2007 was
$6.9 million, or $0.36 per share, compared with a net loss of $3.1
million, or $0.74 per share, for the second quarter of 2006.
Revenues for the first six months of fiscal 2007 were $7.6 million
versus $8.8 million in the same period of 2006. Research and
development expenses were $12.9 million in the six months ended
Dec. 31, 2007 versus $11.5 million in the same period of 2006.
General and administrative expenses were $3.6 million for the six
months ended Dec. 31 compared to expenses of $3.1 million for the
same period in 2006. Net loss for the six months ended Dec. 31,
2007 was $7.8 million, or $0.65 per share, compared to net loss of
$5.5 million, or $1.31 per share, for the six-months ended Dec. 31,
2006. Cash, cash equivalents and total investments were $52.8
million at December 31, 2007. Paul Freiman, NTII president and
chief executive officer stated, "During the quarter, we completed
an offering underwritten by Merriman Curhan & Ford that raised
$55 million of net proceeds. This will support our Phase 3 clinical
trials for Viprinex(TM). We are pleased that the investors in this
offering included existing shareholders, significant new
institutional investors and members of our Board of Directors. We
continue to invest in our key asset, Viprinex, for acute ischemic
stroke currently in two Phase III clinical trials. We believe
Viprinex has the potential to double the treatment window over the
current approved drug, while at the same time reducing the major
side effects of fibrinolytics, namely, symptomatic intracranial
hemorrhage." Freiman continued: "I am also very pleased Dr. Warren
Wasiewski, who joined NTII in February 2007 as Vice President,
Clinical Programs was promoted to Chief Medical Officer of NTII
with primary responsibility for running the clinical trial program
for Viprinex. Dr. Wasiewski is a Board Certified Pediatric
Neurologist with an extensive clinical career. Prior to joining
NTII, he worked at AstraZeneca where he was Sr. Medical Director of
clinical research CNS/Emerging Products. At AstraZeneca, Dr.
Wasiewski had responsibility for running the global SAINT trials
for AstraZeneca's neuroprotectant drug candidate." About Viprinex
Phase 3 Trial Program Viprinex is an investigational agent with
multiple novel mechanisms of action that appear to have the
potential to expand the treatment window for treating acute
ischemic stroke with a lower risk of intracranial bleeding. The
only approved agent to treat stroke is required to be given within
the first three hours of stroke symptoms primarily due to increased
bleeding risk beyond that window. This time limit has been a
barrier to receiving care and improving outcomes and quality of
life for stroke patients. Previous large Phase III trials have
demonstrated that Viprinex may be effective and appears to be well
tolerated for acute ischemic stroke. Conference Call Information
NTI will webcast its quarterly financial results and host a
conference call on Monday, February 11, 2007 at 10:30 a.m. (ET),
7:30 a.m. (PT). Dial-in number (877) 857-6147 (U.S. and Canada) and
719-325-4822 (International). The live webcast can be accessed by
going to http://investor.shareholder.com/ntii/events.cfm. A
playback of the conference call will be available from 1:30 p.m.
(ET) on February 11, 2007 through 11:59 p.m. (ET) on February 15,
2007. Replay number: (888) 203-1112 (U.S. and Canada) / (719)
457-0820 (international). Replay access code: 3898964. About
Neurobiological Technologies, Inc. NTI is a biopharmaceutical
company focused on developing novel agents for central nervous
system conditions. The Company's most advanced product candidate is
Viprinex (ancrod), a novel multi-targeted agent currently
undergoing pivotal Phase 3 clinical testing for the potential
treatment of acute ischemic stroke, one of the most prevalent,
debilitating and costly diseases in the world for which there are
few acceptable treatment options. 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 uncertainties regarding
the timing for completion of clinical trials, obtaining approval
for Viprinex, our levels of future expenditures and capital
resources and our need to raise additional capital to fund our
operations, as well as 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 Six months
ended December 31, December 31, 2007 2006 2007 2006 REVENUES
Technology sale and collaboration services $1,559,937 $2,365,243
$3,479,294 $5,556,915 Royalty 2,103,186 1,655,052 4,083,629
3,244,115 Total revenues 3,663,123 4,020,295 7,562,923 8,801,030
EXPENSES Research and development 7,416,295 5,680,680 12,876,721
11,539,139 General and administrative 1,912,276 1,565,672 3,571,071
3,059,321 Total expenses 9,328,571 7,246,352 16,447,792 14,598,460
Operating loss (5,665,448) (3,226,057) (8,884,869) (5,797,430)
Investment income 451,887 115,728 479,746 269,365 Interest expense,
including non-cash amortization of discount on notes of $1,748,268
and $2,336,097. (1,846,385) - (2,478,597) - Non-cash gain on change
in fair value of warrants 176,849 - 3,079,130 - NET LOSS
$(6,883,097) $(3,110,329) $(7,804,590) $(5,528,065) BASIC AND
DILUTED NET LOSS PER SHARE $(0.36) $(0.74) $(0.65) $(1.31) Shares
used in basic and diluted net loss per share calculation 19,312,845
4,222,654 12,042,296 4,222,643 SELECTED BALANCE SHEET DATA December
31, 2007 June 30, 2007 (unaudited) (1) Cash and cash equivalents
& investments $52,791,000 $8,904,000 Working capital 43,691,000
(3,974,000) Total assets 54,005,000 10,921,000 Accumulated deficit
(117,074,000) (109,269,000) Stockholders' equity (deficit)
27,817,000 (22,093,000) (1) Derived from audited financial
statements DATASOURCE: Neurobiological Technologies, Inc. CONTACT:
Investors, Craig W. Carlson, VP & CFO of Neurobiological
Technologies, Inc., +1-510-595-6000; or Walter Kass of Cordon
Partners, LLC, +1-212-300-4708, for Neurobiological Technologies,
Inc.; or Media, Susan Thomas of WeissComm Partners, Inc.,
+1-415-946-1079, for Neurobiological Technologies, Inc. Web site:
http://www.ntii.com/
http://investor.shareholder.com/ntii/events.cfm
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