Neurobiological Technologies Inc. announces public offering of common stock

Business Wire, Jan 30, 1996

RICHMOND, Calif.--(BUSINESS WIRE)--Jan. 30, 1996-- Neurobiological Technologies Inc. (NASDAQ:NTII) announced that it commenced today its public offering of 2,400,000 shares of its common stock at a price of $3.50 per share.

All of the shares were sold by the company. The company has granted the underwriters an option to purchase an additional 360,000 shares to cover over-allotments, if any. After the offering, NTI will have approximately 6.3 million shares outstanding prior to any shares sold to cover overallotments. The shares were sold by Van Kasper & Company and Gerard Klauer Mattison & Co., LLC.

The net proceeds of the offering will be used for research and development, including the costs of clinical trials and for working capital and general corporate purposes.

A Prospectus relating to these securities may be obtained from Van Kasper & Company, 600 California Street, Suite 1700 San Francisco, Ca. 94108; Attn: Syndicate Manager and Gerard Klauer Mattison & Co., LLC, 529 Fifth Ave., New York, NY 10017, Attn: Syndicate Department.

NTII is a biopharmaceutical company focused on the development of neuroscience-based drugs. The company's lead product candidate, Corticotropin-Releasing Factor (CRF), is a human peptide which the company believes has broad anti-inflammatory activity. CRF is currently being developed for the reduction of edema and inflammation in patients with brain cancer, rheumatoid arthritis, and asthma. Memantine is being developed as a potential neuroprotective agent. Dynorphin A is being developed as an analgesic agent, initially as an adjunct to opioid analgesic therapy. NTII is pursuing a cost-effective strategy employing a network of scientific and medical experts for early drug discovery and selected contractors for product development and manufacturing.

CONTACT: Neurobiological Technologies Inc.

Michael Ostrach, 510/215-8000