Neurobiological Technologies Reports Going Concern Qualification
September 19 2007 - 5:51PM
PR Newswire (US)
EMERYVILLE, Calif., Sept. 19 /PRNewswire-FirstCall/ --
Neurobiological Technologies, Inc. announced today that its
financial statements for the fiscal year ended June 30, 2007,
included in the Company's Annual Report on Form 10-K filed on
September 13, 2007, contain a going concern qualification from its
independent accounting firm, Odenberg, Ullakko, Muranishi & Co.
LLP. As of June 30, 2007, the Company had cash and cash equivalents
and short term investments of approximately $8.9 million. The
Company recently filed a registration statement on Form S-1 to
raise $65 million in an underwritten common stock offering, which
is expected to close in October 2007. This announcement is being
made in compliance with Nasdaq Marketplace Rule 4350(b)(1)(B),
which requires separate disclosure of receipt of an audit opinion
that contains a going concern qualification. This announcement does
not represent any change or amendment to the Company's 2007
financial statements or to its Annual Report on Form 10-K. About
Neurobiological Technologies, Inc. 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. NTI is currently developing
Viprinex, a novel reperfusion agent that is in pivotal Phase 3
trials for the treatment of acute ischemic stroke. Forward-Looking
Statements This press release may contain forward-looking
statements. These statements relate to future events and are
subject to risks, uncertainties and assumptions about the Company.
These statements are only predictions based on our current
expectations and projections about future events. You should not
place undue reliance on these statements. Actual events or results
may differ materially. Many factors may cause our actual results to
differ materially from any forward-looking statement, including the
factors detailed in our filings with the Securities and Exchange
Commission and Canadian securities regulatory authorities,
including but not limited to our Forms 10-K and 10-Q. We do not
undertake to update any forward-looking statements. DATASOURCE:
Neurobiological Technologies, Inc. CONTACT: Craig W. Carlson, V.P.
and C.F.O., +1-510-595-6000 Web site: http://www.ntii.com/
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