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Neurobiological Technologies Announces Pricing of Its $60 Million Common Stock Offering

EMERYVILLE, Calif., October 30, 2007 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc. (NTI(R)) , a specialty biopharmaceutical company, today announced the pricing of an underwritten offering of its common stock to raise $60 million in gross proceeds at a public offering price of $2.75 per share. All of the shares in the offering are being sold by the Company. The offering is expected to close on November 2, 2007 and the Company will receive approximately $55 million of net offering proceeds, after underwriting discounts and estimated costs.

Merriman Curhan Ford & Co. acted as the sole book-running manager in this offering, and Dawson James Securities, Inc. acted as co-manager.

    Copies of the final prospectus may be obtained from:

    Merriman Curhan Ford & Co.

    600 California Street, 9th Floor

    San Francisco, CA 94108

    via phone: (415) 248-5600

    via fax: (415) 248-5690

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About 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. The Company is currently developing Viprinex(TM) (ancrod), a novel reperfusion agent that is in pivotal Phase 3 trials for the treatment of acute ischemic stroke.

For more information, please contact:

Neurobiological Technologies, Inc. (http://www.ntii.com)

CONTACT: Craig W. Carlson, Vice President and Chief Financial Officer ofNeurobiological Technologies, Inc., +1-510-595-6000

Web site: http://www.ntii.com/

Ticker Symbol: (NASDAQ-NMS:NTII),(AMEX:MEM)

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Posted: October 2007


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