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Neurobiological Technologies' Partner, Celtic Pharma, Announces Results Of XERECEPT(R) Phase 3 Clinical Program

Celtic Pharma acquires and invests in late stage pharmaceutical programs and manages these programs through their development to regulatory approval. Celtic Pharma"s aim is to bridge the gap between the established pharmaceutical companies" new product pipeline crisis and the biotech industry"s capital drought. Forward-Looking Statements Certain statements in this press release that are not historical facts, including statements that are preceded by, or followed by, or that include words such as "may," "expect," "anticipate," "believe," or "plan," or similar statements, are forward-looking statements that involve risks and uncertainties, including risks relating to the results of the clinical trials for XERECEPT(R) and the ability of Celtic Pharma to obtain regulatory approval for XERECEPT(R). Actual results may differ materially from those projected. These forward-looking statements represent our judgment as of the date of the release. We disclaim, however, any intent to update these forward-looking statements. About Neurobiological Technologies, Inc. Neurobiological Technologies, Inc. is a biopharmaceutical company historically focused on developing investigational drugs for central nervous system conditions. 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 more recently chosen not to extend its early-stage research programs for Huntington"s and Alzheimer"s diseases. 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. Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including our dependence on Celtic Pharma for the development and commercialization of XERECEPT, uncertainties relating to clinical trials and clinical trial results, and risks and uncertainties relating to the regulatory approval process, as well as other risks detailed from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, as updated periodically in Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Actual results may differ materially from those projected. These forward-looking statements represent our judgment as of the date of the release and we undertake no obligation to update these forward-looking statements. Neurobiological Technologies, Inc

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