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Biotech / Medical : Neurobiological Tech (NTII) -- Ignore unavailable to you. Want to Upgrade?

To: mopgcw who wrote (1490)	12/24/2008 2:41:24 PM
From: JMarcus	Read Replies (1) \| Respond to of 1494

The stock was up sharply on this news: BVF Partners: Neurobiological Technologies Should Wind Up Co Last update: 12/24/2008 11:18:55 AM DOW JONES NEWSWIRES BVF Partners LP reported Wednesday sending a letter to Neurobiological Technologies Inc. (NTII) that calls for the Board of Directors to fulfill "its fiduciary duty to shareholders by winding up the [company.]" BVF, which holds a 19.7% stake in Neurobiological, wrote in the letter it was disappointed the company's Viprinex trial in ischemic stroke was highly unlikely to succeed, according to a filing with the Securities and Exchange Commission. BVF wrote following that development, Neurobiological must be wound up to return cash to shareholders as quickly and efficiently as possible. Costs associated with a liquidation could be limited by immediate, decisive action because Neurobiological's remaining assets are financial and passive in nature, requiring negligible activity to manage, according to the letter. The letter calls on the board to take "immediate action to maximize shareholder value by returning capital to shareholders, consistent with its fiduciary duties, and to refrain from engaging investment bankers or other advisors (except for the sole purpose of winding up the company), whose self-interests would likely lead to a further drain of capital." BVF wrote in the letter it encourages other shareholders to contact the Board with their concerns regarding the use of its remaining assets. In its quarterly report for the period ended Sept. 30, Neurobiological Technologies lists assets of $39.3 million, including current assets of $28.6 million and long-term investments of $10.3 million. The company's market capitalization is about $7.3 million. Shares of Emeryville, Calif.-based Neurobiological Technologies traded Wednesday morning at 27 cents, up 1 cent. -By Brian Kalish, Dow Jones Newswires; 202-862-1350; brian.kalish@dowjones.com (END) Dow Jones Newswires December 24, 2008 11:18 ET (16:18 GMT)