Neurobiological Technologies, Inc. Receives $5 Million Payment From Celtic Pharma
EMERYVILLE, Calif., Jan. 19 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc. (Nasdaq: NTII - News) today announced receipt of a $5 million dollar payment from Celtic Pharmaceutical Holdings L.P. (Celtic Pharma) as part of a guaranteed $33 million agreement previously announced, regarding the sale of XERECEPT®. XERECEPT is currently in Phase III trials for peritumoral brain edema.
NTI received $20 million on November 28, 2005 and subsequent payments will be received in June 2006 and January 2007. Should XERECEPT meet certain regulatory milestones, up to an additional $15 million would be paid to the Company. If XERECEPT receives regulatory approval and is ultimately commercialized, the Company would also be eligible to receive royalties and participate in profit-sharing payments.
About Neurobiological Technologies, Inc.
NTI is a drug development company focused on the clinical evaluation and regulatory approval of neuroscience drugs. The company's strategy is to in-license and develop early- and later-stage drug candidates that target major medical needs and which can be rapidly commercialized. NTI's experienced management team oversees the human clinical trials necessary to establish preliminary evidence of efficacy and seeks partnerships with pharmaceutical and biotechnology companies to complete development and marketing of its product candidates. For further information, please visit NTI's website at www.ntii.com.
About Celtic Pharmaceutical Holdings L.P.
Celtic Pharmaceutical Holdings L.P. (Celtic Pharma) is a global private equity firm focused on the biotechnology and pharmaceutical industries. Celtic Pharma was founded by Stephen Evans-Freke and John Mayo, CBE and is based in Bermuda. Celtic Pharma acquires late stage pharmaceutical programs and drives these programs through the final stages of regulatory approval. Celtic Pharma's aim is to bridge the gap between the established pharmaceutical companies' new product pipeline crisis and the biotech industry's capital drought. For further information, please visit Celtic Pharma's website at www.celticpharma.com.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including: NTI's dependence on third parties for the development, regulatory approval and successful commercialization of its products, including XERECEPT, the inherent risk of failure in developing product candidates based on new technologies, and other risks detailed from time to time in NTI's 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 the release. NTI disclaims any intent or obligation to update these forward-looking statements.
Source: Neurobiological Technologies, Inc.