Neurobiological Technologies, Inc. To Report Third Quarter Financial Results And Host Conference Call On May 10, 2006

EMERYVILLE, Calif., May 3 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc. (NTI(R)) , a biotechnology company engaged in the business of acquiring and developing central nervous system related drug candidates, announced today it will release its third quarter fiscal 2006 financial results, for the quarter ended March 31, 2006, on May 10, 2006.

In conjunction with the release of financial results, the company will host a conference call, which will be simultaneously broadcast over the Internet. Hosting the call will be Paul E. Freiman, President and Chief Executive Officer, and Jonathan R. Wolter, Vice President and Chief Financial Officer. The details for the call are as follows:

Live Call: -- Date: Wednesday, May 10, 2006 -- Time: 10:30 a.m. ET, 9:30 a.m. CT, 7:30 a.m. PT -- Dial-in number: 800-361-0912 Webcast of Call: -- A live webcast can be accessed online by going to: http://www.shareholder.com/ntii/medialist.cfm The call will be archived and accessible at the same website for 90 days Telephonic Replay: -- Playback of the conference call will be available from 1:30 p.m. ET on Wednesday, May 10, 2006 through 11:59 p.m. on Tuesday, May 16, 2006. -- Replay number: 888-203-1112 (U.S. and Canada) & 719-457-0820 (International) -- Replay access code: 6597473 About Neurobiological Technologies, Inc.

Neurobiological Technologies, Inc. is a biotechnology company engaged in the business of acquiring and developing central nervous system (CNS) related drug candidates. The company is focused on therapies for neurological conditions that occur in connection with dementia, Alzheimer's disease, ischemic stroke, neuropathic pain, and brain cancer.

Neurobiological Technologies, Inc.

CONTACT: Paul E. Freiman, President & CEO, or Jonathan R. Wolter, 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.

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