RICHMOND, Calif., May 2 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc. today announced that it had received a royalty payment of $1,122,895 from Merz Pharmaceuticals GmbH (Merz) for sales of Memantine for the treatment of moderate-to-severe Alzheimer's disease in the quarter ended March 31, 2005. NTI receives royalty payments, pursuant to its strategic research and marketing cooperation agreement with Merz, on sales of Memantine by Merz and its marketing partners, Forest Laboratories, Inc. and H. Lundbeck A/S.
Paul E. Freiman, president and chief executive officer, said, "This payment represents the first million dollar plus royalty received under the terms of our agreement with Merz. We are, of course, pleased by the receipt of the funds, which reflect the marketing efforts by Forest Laboratories and Lundbeck. These funds will assist us in our efforts to advance the development of Viprinex(TM) and XERECEPT(R) in late-stage clinical trials."
About Neurobiological Technologies, Inc.
Neurobiological Technologies, Inc. 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 dementia, Alzheimer's disease, ischemic stroke, neuropathic pain, and brain cancer.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including risks associated with our dependence on Merz and its marketing partners, as well as other risks detailed from time to time in our Securities and Exchange Commission filings. Actual results may differ materially from those projected. These forward- looking statements represent our judgment as of the date of this release. We disclaim, however, any intent or obligation to update these forward-looking statements.
Neurobiological Technologies Inc.
CONTACT: Paul E. Freiman, President & CEO of NeurobiologicalTechnologies, Inc., +1-510-262-1730; or Cheryl Schneider, VP - InvestorRelations of Porter Le Vay & Rose, Inc., +1-212-564-4700