Neurobiological Technologies Announces Hiring of Advisor to Seek Sale of Company
26 März 2009 - 12:30PM
PR Newswire (US)
EMERYVILLE, Calif., March 26 /PRNewswire-FirstCall/ --
Neurobiological Technologies, Inc. (NTI(R)) (NASDAQ:NTII) 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."
About Neurobiological Technologies, Inc. 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. NOTE: Except for the
historical information contained herein, the matters discussed in
this press release are forward-looking statements that involve
risks and uncertainties, including risks relating to our terminated
clinical trials, our continuing contractual commitments, the
outcome of our efforts to maximize value following the hiring of
RBC Capital Markets as financial advisor, and levels of future
operations and expenditures, as well as other risks detailed from
time to time in our filings with the Securities and Exchange
Commission, including our most recent Annual Report on Form 10-K
and subsequent 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. DATASOURCE:
Neurobiological Technologies, Inc. CONTACT: Matthew M. Loar, CFO of
Neurobiological Technologies, Inc., +1-510-595-6000 Web Site:
http://www.ntii.com/
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