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Neurobiological Technologies Inc. announces first quarter results.

RICHMOND, Calif.--(BUSINESS WIRE)--Nov. 1, 1994--Neurobiological Technologies Inc. (NASDAQ:NTII) announced a net loss of $1,208,000, or 31 cents per share on 3,894,238 average shares outstanding, for its first quarter ended Sept. 30, 1994.

This compares to a net loss of $840,000, or 53 cents per share on 1,595,429 average shares outstanding, for the same quarter a year ago.

Research and development expenses were $1,015,000, an increase of 68 percent from the first fiscal quarter of last year. The increase was due to a higher level of clinical and preclinical activity on the company's lead product, Corticotropin Releasing Factor (CRF). During the quarter, NTII initiated three new Phase I/II clinical trials for CRF.

Two of the trials are designed to evaluate the safety and effects of CRF on peritumoral brain edema and the third is designed to evaluate the effect of CRF on rheumatoid arthritis. NTII also initiated key toxicology studies to support increasing CRF doses and duration of treatment in clinical trials.

At Sept. 30, 1994, the company had cash and short-term investments of $12.5 million, working capital of $12.2 million and no long-term debt.

Commenting on NTII's clinical activities, Jeffrey S. Price, Ph.D., president and chief executive officer, said: "We are now testing CRF in five clinical indications, each representing a substantial market opportunity.

"We recently announced positive resulting from a preliminary Phase I/II trial of CRF for the treatment of post-surgical edema (swelling) caused by eyelid tuck surgery. The results of this trial, conducted at Stanford University, contribute to the growing evidence for CRF's beneficial anti-inflammatory and anti-edema properties.

"We will evaluate the results from all our trials, and will select and pursue the most promising indications."

NTII is an emerging biopharmaceutical company with three products in human clinical trials: Corticotropin-Releasing Factor, a human peptide with novel anti-inflammatory properties; Dynorphin A, a human peptide that has the potential for improving the effectiveness of morphine for the treatment of severe chronic pain; and Nicosim which is being developed as an aid for smoking cessation. Significant additional testing of these products will be required to demonstrate sufficient safety and efficacy for regulatory approval and commercialization. NTII is one of the first biotechnology companies to develop products based on neuroendocrine-immune regulation.

 Statements of Operations

 Three Months Ended
 1994 1993
 Interest income $161,000 $18,000
 Grant revenue 50,000 --
 Total revenue 211,000 18,000
 Research and development 1,015,000 603,000
 General and administrative 404,000 255,000
 Total expenses 1,419,000 858,000
Net loss $1,208,000 $840,000
Net loss per share (31 cents) (53 cents)
Shares used in net loss
 per share calculation 3,894,238 1,595,429

 Selected Balance Sheet Data

 September 30, June 30,
 1994 1994

Cash and short-term investments $12,481,000 $13,651,000
Current assets 12,564,000 13,755,000
Total assets 12,826,000 14,030,000
Current liabilities 364,000 360,000
Stockholders' equity $12,462,000 $13,670,000

CONTACT: Neurobiological Technologies Inc.

John M. Harland, 510/215-8000
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Copyright 1994, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Nov 1, 1994
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