Neurobiological Technologies, Inc. Announces Completion of Private Financing
RICHMOND, Calif., April 19 /PRNewswire/ -- Neurobiological Technologies, Inc. (OTC Bulletin Board: NTII - news) today announced that it has completed a private financing resulting in net proceeds in excess of $1.1 million. Existing and new investors participated in the financing, which was managed by the company.
''I wish to thank our existing shareholders for their renewed support and our new shareholders for their confidence,'' said Paul E. Freiman, president and chief executive officer of NTI®. ''This financing provides funds which we expect will enable the company to continue operations through the end of the fiscal year, as well as fund clinical development of Memantine for multiple indications. While patient enrollment proceeds rapidly in late-stage human clinical trials of Memantine, NTI and its partner, Merz + Co. GmbH & Co. of Frankfurt, Germany, continue to pursue a Memantine marketing agreement with a large pharmaceutical company.''
NTI is an emerging drug development company focused on the clinical evaluation and regulatory approval of neuroscience-based drugs. NTI is developing Memantine, an orally-deliverable neuroprotective agent, for AIDS-related dementia and painful diabetic neuropathy; and XERECEPT(TM), an anti-edema agent, for peritumoral brain edema (swelling of the brain caused by a tumor). XERECEPT has been granted orphan drug designation by the FDA.
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 NTI's future capital needs and the uncertainty of additional financing, ability to properly design, implement and complete planned trials and meet regulatory requirements, and dependence on third parties, as well as other risks detailed from time to time in the company's Securities and Exchange Commission filings. Actual results may differ materially from those projected. These forward-looking statements represent the company's judgment as of the date of the release. The company disclaims, however, any intent or obligation to update these forward-looking statements.
Jeffrey |
