EMERYVILLE, Calif., Aug. 1 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc. (NTI(R)) , today announced it has received approximately $1,569,000 from Merz Pharmaceuticals GmbH for sales of Memantine for the treatment of moderate-to-severe Alzheimer’s disease. Under an exclusive marketing agreement, NTI receives quarterly royalty payments on sales of Memantine by Merz and its marketing partners.
Paul E. Freiman, President and CEO of Neurobiological Technologies said, “NTI’s continuing revenue stream from sales of Memantine has been an important source of funding for our company as we continue to pursue the development and approval of neuroscience drugs. To date, we have received approximately $10 million in royalty payments from the sales of Memantine by Merz and its marketing partners, including Forest Laboratories. During the 2006 second calendar quarter, Forest reported that U.S. sales of Namenda(R) increased 32% over last year to $151 million, and these increased sales will be reflected in our next royalty payment.”
Mr. Freiman continued, “In addition to the ties that we have to Memantine, NTI is also actively involved in the development and testing of two drugs that are currently in Phase III trials, Viprinex(TM), for the treatment of acute ischemic stroke and XERECEPT(R), for the treatment of peritumoral brain edema. While seeking a partner who will be able to commercialize Viprinex outside of the U.S., we plan to continue with the development of the drug domestically. We also remain actively involved with the development of XERECEPT, as we are running the clinical trials for Celtic Pharmaceutical Holdings, which acquired the rights to XERECEPT in September 2005.”
Mr. Freiman concluded, “Our revenues from Memantine have been important to us as we continue to strengthen our organization as well as our position in the neuroscience area.”
About Memantine
Memantine received approval for the treatment of Alzheimer’s disease in Europe in 2002 and in the U.S. in 2004. In Europe, Memantine has been marketed by Merz & Co. for a number of indications for several years. For Alzheimer’s disease, Memantine is now being sold by Merz’s European marketing partner H. Lundbeck. In the U.S., Memantine is currently being sold by Forest Laboratories for moderate-to-severe Alzheimer’s disease under the brand name Namenda(R). Under an exclusive marketing agreement, NTI receives royalty payments by Merz and its marketing partners from sales of Memantine for Alzheimer’s disease in certain markets.
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. We anticipate that we will continue to acquire and develop late-stage neurologic drug candidates and will develop the resources to market these drugs in selected world regions. Our goal is to develop and market drug candidates in the United States, Europe and Asia, and we may seek partnerships with pharmaceutical and biotechnology companies to assist us.
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: our reliance on Merz and its marketing partners, our dependence on third parties for the development, 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 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. We disclaim, however, any intent to update these forward-looking statements.
Neurobiological Technologies, Inc.
CONTACT: Paul E. Freiman, President & CEO, or Craig W. Carlson, VicePresident & CFO, both of Neurobiological Technologies, Inc.,+1-510-595-6000; or Cheryl Schneider, VP - Investor Relations of Porter,LeVay & Rose, Inc., +1-212-564-4700, for Neurobiological Technologies, Inc.
Web site: http://www.ntii.com/
