J.M. Dutton & Associates Announces Investment Opinion: Neurobiological Technologies Strong Speculative Buy Rating Maintained in Updated Coverage by Dutton & Associates.

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

Neurobiological Technologies, Inc. (NTI) is a drug development company focused on the clinical evaluation and regulatory approval of neuroscience drugs. It develops neuro-protective, neuro-modulatory and neuro-therapeutic agents to treat progressive neurological impairments characteristic of various disorders including dementia and stroke. The Company is the recipient of passive royalty income from the sales of Memantine, marketed by Forest Labs under the name Namenda(TM) in the United States and by Merz Pharmaceuticals GmbH, H. Lundbeck A/S and Daiichi Suntory Pharma Co., Ltd. under the name Ebixa(R) in other countries of world, and has enormous revenue potential in treating dementia and neuropathic pain. NTI currently receives a blended royalty rate of approximately 1% from the sale of Memantine for dementia and an additional 13% royalty rate can be added from sales of the drug for neuropathic pain. The Company's lead product, Viprinex(TM), being developed for acute ischemic stroke is, in our opinion, the reason to own Neurobiological Technologies stock. A review of the clinical trials for this product was conducted in our update of November 3, 2004, where we concluded that NTI may have developed the correct strategy to dosing this drug so as to minimize side effects while enhancing efficacy. The Company's goal is to rapidly defibrinogenate the patient with a single dose of Viprinex, yet prevent prolonged hypofibrinogenemia with no multiple-day treatments and no titrations towards an optimal fibrinogen level. We estimate the Company initiating two Phase III trials near the end of 2005, to run concomitantly for approximately 18 months with completion in mid-2007 and anticipated marketing in 2008.

About Dutton & Associates

Dutton & Associates is one of the largest independent investment research firms in the U.S. Its 29 senior analysts are primarily CFAs, and have expertise in many industries. Dutton & Associates provides continuing analyst coverage of over 85 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 $33,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton & Associates received $44,000 from the Company for 8 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.