EMERYVILLE, Calif., Nov. 5 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc. (NTI(R)) , today announced that it had closed a $60 million underwritten offering of 21,818,181 shares of common stock. Amongst the larger investors in the offering were Biotechnology Value Fund, LP, Great Point Partners, LLC, and Millennium Technology Value Partners, L.P. The Company received approximately $55 million of net offering proceeds after underwriting discounts and commissions.
Paul E. Freiman, President and CEO stated, “Our goal was to raise sufficient capital to fund our lead compound, Viprinex(TM), through the completion of two existing phase 3 trials. Viprinex is being developed as an agent for the treatment of acute ischemic stroke. Based on our forecasts, we anticipate that we have accomplished this goal through both increased positions taken by existing investors, and the addition of significant new investors. The basic premise behind our vision is to enhance the limited treatment options available to victims of this terrible condition.”
Mr. Freiman continued, “If we succeed in our ongoing clinical trials of Viprinex for acute ischemic stroke, we expect that we will effectively double the available treatment window for the current approved therapy. We are pleased with the proceeds from this offering, which we expect will end the need for serial fund raises during that time. Merriman Curhan Ford & Co. played a key role in bringing this offering to completion and we were quite pleased with their performance.”
Merriman Curhan Ford & Co. acted as the sole book-running manager in this offering, and Dawson James Securities, Inc. acted as co-manager.
About Neurobiological Technologies, Inc.
NTI is a specialty biopharmaceutical company with expertise in identifying and acquiring promising drug candidates and in designing and managing late-stage clinical trials for central nervous system conditions. The Company is currently developing Viprinex(TM) (ancrod), a novel reperfusion agent that is in pivotal Phase 3 trials for the treatment of acute ischemic stroke.
Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including uncertainties regarding obtaining approval for Viprinex, our levels of future expenditures and capital resources and our need to raise additional capital to fund our operations, as well as 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 undertake no obligation to update these forward-looking statements.
CONTACT: Craig W. Carlson, Vice President & Chief Financial Officer of
Neurobiological Technologies, Inc., +1-510-595-6000
Web site: http://www.ntii.com/
