Celtic Pharma Announces Research Update on Xerecept 501 Phase III

New York, London, Bermuda, June 5, 2007 - Celtic Pharma and Neurobiological Technologies, Inc. (NTII) announced today the results of an updated ongoing report on the Xerecept 501 open-label Phase III study, as presented at the annual meeting of the American Society of Clinical Oncology. Peritumoral edema patients who have participated in one of the two Phase III, double-blinded, placebo controlled studies currently underway to assess Xerecept's dexamethasone-sparing potential are given the option of enrolling in the 501 study. To date a total of 65 patients have enrolled in the 501 study, including 11 patients who have now been on Xerecept therapy for more than one year.