Neurobiological Technologies Announces Hiring of Advisor to Seek Sale of Company
EMERYVILLE, Calif., March 26, 2009 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc. (NTI(R)) announced today that it has hired RBC Capital Markets as its exclusive financial advisor to assist in the evaluation of various options to enhance shareholder value, including a potential sale of the Company or its major assets.
"We have retained RBC Capital Markets to assist us in efficiently determining if there is a transaction more beneficial to our shareholders than a liquidation," stated William Fletcher, acting Chief Executive Officer. "We have a duty to our shareholders to maximize the value of NTI. We intend to proceed expeditiously in this process while continuing to wind-down operations, cut expenses and preserve cash. If our evaluation of strategic options does not result in a transaction that meets our objectives, NTI will act expeditiously to return as much cash as possible to our shareholders through a liquidation or other means."
Neurobiological Technologies, Inc. is a biopharmaceutical company historically focused on developing investigational drugs for central nervous system conditions and other serious unmet medical needs. The company recently terminated development of its most advanced product candidate, Viprinex(TM) (ancrod), which was studied in Phase 3 clinical trials as a potential new drug to treat acute ischemic stroke. NTI has recently chosen not to extend its early-stage research program for Alzheimer's disease beyond the first year of a collaborative agreement with the Buck Institute. NTI has rights to receive payments from an approved drug for Alzheimer's disease and an investigational drug which has recently completed a Phase 3 trial for brain swelling.
CONTACT: Matthew M. Loar, CFO of Neurobiological Technologies, Inc.,+1-510-595-6000
Web site: http://www.ntii.com/
Ticker Symbol: (NASDAQ-NMS:NTII)
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