To Dr. John and All: The Evening News - or is it news?
Comments? Thoughts? Prayers? Where does NTII go from here?
biz.yahoo.com (extract follows without safe harbor stments and comparison tables)
Neurobiological Technologies, Inc. Announces Second Quarter Results
RICHMOND, Calif., Feb. 12 /PRNewswire/ -- Neurobiological Technologies, Inc. (OTC: NTII - news) announced a net loss of $1,200,000 or $0.18 per share -- basic and diluted, for its second quarter ended December 31, 1997. This compares to a net loss of $1,801,000 or $0.28 per share -- basic and diluted, for the same quarter a year ago.
Research and development expenses decreased significantly to $448,000 in the three months ended December 31, 1997 from $1,318,000 in the same period of the prior year. The decrease was primarily due to the company narrowing its clinical focus to only the Phase II clinical development of Memantine and Xerecept(TM). General and administrative expenses increased to approximately $776,000 in the three months ended December 31, 1997 from $596,000 in the three months ended December 31, 1996. The increase was primarily due to professional services expenditures related to seeking financing and corporate partnerships in the three months ended December 31, 1997 as compared to the same period of the prior year. Interest income decreased to $24,000 in the three months ended December 31, 1997 from $113,000 in the same period of the prior year due to lower average cash balances.
At December 31, 1997, the company had cash and cash equivalents of $1.4 million, and no long-term debt. The company anticipates that it will be able to meet its capital and operational requirements only until March 1998. The company will need to secure an infusion of capital to continue the clinical development of its product candidates. However there can be no assurance that funding will be available on favorable, if at all.
Paul Freiman, president and chief executive officer of NTI said, ''I believe that the recently reported data from the company's controlled Phase II human clinical trial of Memantine will contribute significantly to our efforts to secure capital and obtain corporate partnerships. In our view, the trial results indicate Memantine's effectiveness in relieving neuropathic pain due to diabetes, a major unmet medical need. Many of the 800,000 diabetics in the U.S. treated annually for symptoms of peripheral neuropathy do not obtain adequate pain control from existing treatments.'' |
