Neurobiological Technologies, Inc. Announces Dividend of $0.05 Per Share

SAN RAMON, Calif.--(BUSINESS WIRE)--Neurobiological Technologies, Inc. (OTC Markets: NTII) (NTI or the Company) announced today that its board of directors has declared an extraordinary dividend of $0.05 per share of common stock, which will be paid on December 27, 2012 to stockholders of record as of December 20, 2012. NTI is operating under a plan of dissolution as approved by its stockholders on October 27, 2009, and therefore the Company has sought and received authorization for the payment by the Delaware Court of Chancery. NTI also announced that, at the request of the Company, the Delaware Court of Chancery has authorized the continued existence of the Company for three additional years. The Company requested the continuance of its corporate existence because NTI has not liquidated all its assets, since the Company retains a residual interest in XERECEPT™, an investigational drug being developed by Celtic Pharma Holdings, L.P. (Celtic Pharma). Under the terms of the Company’s 2005 sale of XERECEPT to Celtic Pharma, NTI is entitled to a portion of the net proceeds if Celtic Pharma sells XERECEPT. XERECEPT is under development by Celtic Pharma for treatment of cerebral edema associated with primary and metastatic brain tumors. Celtic Pharma has previously announced plans to sell XERECEPT.