Neurobiological Technologies, Inc. Receives $4 Million Milestone Payment From Celtic Pharma For XERECEPT(R)
EMERYVILLE, Calif., Jan. 16 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc. (NTI) today announced it has received $4 million from Celtic Pharmaceutical Holdings L.P. (Celtic Pharma) as the final non-contingent payment for worldwide rights to Celtic Pharma for XERECEPT(R), a Phase III clinical compound being studied for the treatment of peritumoral brain edema. With this final payment, NTI will have received a total of $33 million in guaranteed payments for the sale of XERECEPT. NTI will also receive up to $15 million in additional payments if XERECEPT meets certain regulatory milestones. NTI is serving as the clinical research organization for the Phase III XERECEPT clinical trials and will receive a share of profits in the United States and royalties in other international markets if XERECEPT ultimately receives regulatory approval and is commercialized.
"We look forward to our ongoing involvement with Celtic and the XERECEPT clinical trials. Our partnership will continue through the clinical trials and, subject to regulatory approval, through the commercialization of XERECEPT," said Craig Carlson, vice president and chief financial officer of NTI. "With two product candidates in Phase III trials, XERECEPT and VIPRINEX(TM), we are anticipating an exciting 2007 for NTI."
About Neurobiological Technologies, Inc.
NTI 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 ischemic stroke, brain cancer, Alzheimer's disease and dementia. The Company's strategy is to in-license and develop later-stage drug candidates that target major medical needs and that can be rapidly commercialized. NTI's experienced management team oversees the human clinical trials necessary to establish preliminary evidence of efficacy. For further information, please visit NTI's website at www.ntii.com.
NOTE: 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 related to clinical trials and the regulatory approval and successful commercialization of our products, the inherent risk of failure in developing product candidates based on new technologies, the risks associated with the cost of clinical development efforts, and other risks detailed from time to time in our Annual Report of Form 10-K and other filings with the Securities and Exchange Commission. Actual results may differ materially from those projected. These forward- looking statements represent our judgment as of the date of the release. We disclaim any intent to update these forward-looking statements.
Neurobiological Technologies, Inc.CONTACT: Craig W. Carlson, Vice President & CFO of NeurobiologicalTechnologies, Inc., +1-510-595-6000
Web site: http://www.ntii.com/