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Biotech / Medical : Neurobiological Tech (NTII)
NTII 0.00010000.0%Jan 9 9:30 AM EST
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To: BRAVEHEART who wrote (446)2/18/1999 9:06:00 AM
From: Apache Indian  Read Replies (3) of 1494
 
Mr. Paul Friemans reply (pretty comforting I must say)

Dear Mr. ________:

Thank you for your thoughtful inquiry concerning Neurobiological
Technologies, Inc. (NTI) I am sure that as a longer-term investor
you have experienced a great deal of frustration with our stock
price. The questions you ask regarding financing can really be put
into a nutshell as follows:

The credibility of NTI has never truly been restored in the
investors' minds following early announcements of the lack of results
from a CRF trial in rheumatoid arthritis. The environment for small
cap companies (under $300 million market cap) is quite difficult in
the biotechnology field. Sophisticated investors have come to
realize that it takes a biotechnology company up to 12 years to
develop a drug, the same as large pharmaceutical companies. As a
consequence, people are less and less willing to take the risk of
investing in small, under-capitalized companies whose potential tends
to be in the longer term. This is not unique to NTI but is endemic
in the industry.

I don't intend to close this company down since we have Memantine, a
product which I truly believe will see the light of day in a
relatively short period of time, i.e., between the next one and three
years. The product has behaved well in our hands and in our
corporate partner's, Merz + Co. GmbH & Co., who is in late Phase III
trials for senile dementia and Alzheimer's disease. At this point in
time, Merz and NTI are negotiating a major global marketing agreement
with a large pharmaceutical company. I believe there is a good
opportunity for such a relationship in the next few months. Such a
relationship would trigger seven-figure payments to our company and a
subsequent substantial stream of income through milestone payments
and royalties. At this point in time, I am working diligently to
secure enough financing to bridge us to that point in time and I am
confident that we will succeed.

I would be happy to speak with you directly if you care to call me at
510-215-8000.

Thank you for sticking with us as a shareholder for the past three
years.

Sincerely,

Paul E. Freiman

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