Dutton Associates Announces Investment Opinion: Neurobiological Technologies Strong Speculative Buy Rating Maintained In Updated Coverage By Dutton Associates.

EL DORADO HILLS, Calif. -- Dutton Associates updates its coverage of Neurobiological Technologies (Nasdaq:NTII) maintaining a Strong Speculative Buy rating and a 12 month target price of $8. The 12-page report by Dutton senior analyst William R. Prather, R.Ph., M.D. is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals.

We believe the recent departure of Neurobiological Technologies' (NTI) CFO and the resultant decline of the market value represents an excellent opportunity for investors to accumulate shares in the Company. In our opinion, the fundamental reasons for recommending an investment in NTI have not changed. These include: 1) the blockbuster potential for Viprinex(TM) in acute ischemic stroke, 2) a growing annuity from Memantine, and 3) a stellar, experienced chief executive officer and management team. Additionally, NTI has consistently met or exceeded our milestone expectations, something most biotechnology companies we cover are not able to achieve. The launch of Phase III clinical trials for Viprinex, the over 60% annual growth in royalties from Memantine and, in our opinion, Paul Freiman and other management members hitting a home run with the sale of XERECEPT(TM), underscore why we believe NTI is a quality biotechnology company. We also believe that if Viprinex is successful, a market capitalization for NTI in the $0.5 billion range is reasonable. We are reiterating our investment rating on the shares of the Company as a Strong Speculative Buy with a price target of $8.00.

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 140 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 $71,000 from the Company for 12 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.