Neurobiological Technologies Reports Third Quarter Fiscal 2009 Financial Results
08 5월 2009 - 8:00PM
PR Newswire (US)
EMERYVILLE, Calif., May 8 /PRNewswire-FirstCall/ -- Neurobiological
Technologies, Inc. (NTI(R)) (NASDAQ:NTII) today announced financial
results for the three-month and nine-month periods ended March 31,
2009. Revenues for the third quarter of fiscal 2009 were $3.0
million compared to $3.7 million for the third quarter of fiscal
2008. Research and development expenses were $1.9 million for the
three months ended March 31, 2009 compared to $5.9 million for the
three months ended March 31, 2008. The lower research and
development expenses for the 2009 quarter were primarily due to the
termination of the Viprinex(TM) program for stroke following the
interim analysis in December 2008. General and administrative
expenses were $1.4 million for the three months ended March 31,
2009 compared to $1.8 million for the three months ended March 31,
2008. During the third quarter of fiscal 2009, the Company
terminated the employment of approximately 75% of its workforce,
and the employee termination costs are included in the operating
expenses for the 2009 period. The net loss for the third quarter of
fiscal 2009 was $0.4 million, or $0.02 per share, compared to a net
loss of $5.1 million, or $0.19 per share, for the third quarter of
fiscal 2008. Revenues for the first nine months of fiscal 2009 were
$10.1 million compared to revenues of $11.2 million for the same
period of fiscal 2008. Research and development expenses were $17.7
million for the nine months ended March 31, 2009 compared to $18.8
million for the nine months ended March 31, 2008. General and
administrative expenses were $4.0 million for the nine months ended
March 31, 2009 compared to $5.3 million for the nine months ended
March 31, 2008. The net loss for the nine months ended March 31,
2009 was $11.0 million, or $0.41 per share, compared to a net loss
of $12.9 million, or $0.76 per share, for the nine months ended
March 31, 2008. Cash, cash equivalents and investments were $28.8
million at March 31, 2009. The cash and total investments balance
included cash, cash equivalents and short-term investments of $21.6
million and long-term auction-rate securities carried at an
estimated value of $7.2 million and classified as long-term
investments. Total liabilities, excluding deferred revenue of $14.7
million and a warrant liability of $0.2 million, were $6.4 million
at March 31, 2009. "During the third quarter of fiscal 2009, we
wound-down most of our operations and significantly reduced
expenses. We also initiated a process to identify and evaluate
alternatives for the Company's future. Our board's stated mandate
in looking at these strategic alternatives is to maximize the value
of our cash and other assets for the benefit of all our
shareholders, and to proceed expeditiously in the process," stated
William Fletcher, acting Chief Executive Officer. Assuming accrued
costs associated with the Viprinex program are fully paid off by
June 30, 2009 as currently estimated, the Company expects to end
its fiscal year with approximately $23 million in cash, short-term
and long-term investments. -Tables to follow - About
Neurobiological Technologies, Inc. Neurobiological Technologies,
Inc. is a biopharmaceutical company historically focused on
developing investigational drugs for central nervous system
conditions. The company recently terminated development of its most
advanced product candidate, Viprinex(TM) (ancrod), which was
studied in Phase 3 clinical trials as a potential new drug to treat
acute ischemic stroke. NTI has more recently chosen not to extend
its early-stage research programs for Huntington's and Alzheimer's
diseases. NTI has rights to receive payments from an approved drug
for Alzheimer's disease and an investigational drug which has
recently completed a Phase 3 trial for brain swelling. 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 risks relating to our
terminated clinical trials, our remaining contractual commitments,
the success of our efforts to maximize the value of our cash and
other assets for our shareholders, and levels of future operations
and expenditures, as well as other risks detailed from time to time
in our filings with the Securities and Exchange Commission,
including our most recent Annual Report on Form 10-K and subsequent
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Actual results may differ materially from those projected. These
forward-looking statements represent our judgment as of the date of
the release and we undertake no obligation to update these
forward-looking statements. CONDENSED STATEMENTS OF OPERATIONS
(Unaudited - in thousands, except per share amounts) Three months
ended Nine months ended March 31, March 31, 2009 2008 2009 2008
REVENUES Royalty 1,505 2,161 5,590 6,245 Technology sale and
collaboration services 1,508 1,523 4,479 5,002 Total revenues 3,013
3,684 10,069 11,247 EXPENSES Research and development 1,857 5,945
17,701 18,822 General and administrative 1,438 1,757 3,970 5,327
Total expenses 3,295 7,702 21,671 24,149 Operating loss (282)
(4,018 ) (11,602) (12,902) Interest income 136 540 649 1,020 Gain
on sale of long-term investment - - 170 - Impairment charge for
decrease in value of investments (55) (1,778) (55) (1,778) Interest
expense, including non-cash amortization of $2,336 discount on
notes for the nine months ended March 31, 2008 - - - (2,479)
Non-cash (loss) gain on change in fair value of warrants (230) 193
(193) 3,271 NET LOSS $(431) $(5,063) $(11,031) $(12,868) BASIC AND
DILUTED NET LOSS PER SHARE $(0.02) $(0.19) $(0.41) $(0.76) Shares
used in basic and diluted net loss per share calculation 26,927
26,913 26,925 16,963 SELECTED BALANCE SHEET DATA (in thousands)
March 31, 2008 June 30, 2008 (unaudited) (Note 1) Cash and cash
equivalents $6,009 $27,941 Short-term investments 15,592 2,039
Long-term investments 7,202 11,850 Total assets 29,317 43,187
Current liabilities 12,102 9,042 Total liabilities 21,269 22,901
Stockholders' equity 8,048 20,286 (1) Derived from audited
financial statements. DATASOURCE: Neurobiological Technologies,
Inc. CONTACT: Matthew M. Loar, CFO of Neurobiological Technologies,
Inc., +1-510-595-6000 Web Site: http://www.ntii.com/
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