Neurobiological Technologies, Inc. To Present At Dutton Associates’ ‘Recognizing Opportunity’ Smallcap Conference On March 28, 2006

EMERYVILLE, Calif., March 23 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc. , today announced that Paul Freiman, President and Chief Executive Officer, will present at Dutton Associates’ “Recognizing Opportunity” Small Cap Conference at 12:20 pm on March 28, 2006 in San Francisco at the St. Regis Hotel.

The presentation will be webcast at the following link: http://www.shareholder.com/ntii/medialist.cfm

The webcast will be available on the NTII website (www.ntii.com) for 90 days after the event.

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.

Neurobiological Technologies, Inc.

CONTACT: Paul E. Freiman, President & CEO of Neurobiological Technologies,Inc., +1-510-595-6000; or Cheryl Schneider, VP - Investor Relations ofPorter, Le Vay & Rose, Inc., +1-212-564-4700

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