EMERYVILLE, Calif., Sept. 19 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc. announced today that its financial statements for the fiscal year ended June 30, 2007, included in the Company’s Annual Report on Form 10-K filed on September 13, 2007, contain a going concern qualification from its independent accounting firm, Odenberg, Ullakko, Muranishi & Co. LLP.
As of June 30, 2007, the Company had cash and cash equivalents and short term investments of approximately $8.9 million. The Company recently filed a registration statement on Form S-1 to raise $65 million in an underwritten common stock offering, which is expected to close in October 2007.
This announcement is being made in compliance with Nasdaq Marketplace Rule 4350(b)(1)(B), which requires separate disclosure of receipt of an audit opinion that contains a going concern qualification. This announcement does not represent any change or amendment to the Company’s 2007 financial statements or to its Annual Report on Form 10-K.
About Neurobiological Technologies, Inc.
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. NTI is currently developing Viprinex, a novel reperfusion agent that is in pivotal Phase 3 trials for the treatment of acute ischemic stroke.
Forward-Looking Statements
This press release may contain forward-looking statements. These statements relate to future events and are subject to risks, uncertainties and assumptions about the Company. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Actual events or results may differ materially. Many factors may cause our actual results to differ materially from any forward-looking statement, including the factors detailed in our filings with the Securities and Exchange Commission and Canadian securities regulatory authorities, including but not limited to our Forms 10-K and 10-Q. We do not undertake to update any forward-looking statements.
Neurobiological Technologies, Inc.
CONTACT: Craig W. Carlson, V.P. and C.F.O., +1-510-595-6000
Web site: http://www.ntii.com/
