Neurobiological Technologies, Inc. To Participate In Panel Discussion At The RBC Capital Markets Healthcare Conference In New York On December 13-14, 2006

EMERYVILLE, Calif., Dec. 7 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc. today announced that Paul E. Freiman, President and Chief Executive Officer, will participate in a panel discussion at the RBC Capital Markets Healthcare Conference on Thursday, December 14, 2006, at 9:00 a.m. The conference will be held at The Westin New York at Times Square, located at 270 West 43rd Street, New York.

Mr. Freiman will participate in a Neurology/Neuro-interventions panel discussion entitled, "All This Technology Going To Our Heads?" The panel will take place in the Majestic Ballroom 2, and the event will be web cast and available for 30 days on the NTI website (www.ntii.com) at the following link:

http://www.shareholder.com/ntii/medialist.cfm

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: Paul E. Freiman, President & CEO of Neurobiological Technologies,Inc., +1-510-595-6000; or Marlon Nurse, VP - Investor Relations of Porter,LeVay & Rose, Inc., +1-212-564-4700

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