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GEN News Highlights : Jan 16, 2007

Neurobiological Technologies Collects $4M for Xerecept Rights

Celtic Pharma pays out more than $33M for brain edema drug.

Neurobiological Technologies (NTI)  received $4 million from Celtic Pharmaceutical  as the final noncontingent payment for worldwide rights to Celtic Pharma for Xerecept®, a Phase III clinical compound being studied for the treatment of peritumoral brain edema.

With this final payment, NTI will have received a total of $33 million in guaranteed payments for the sale of Xerecept. NTI will also receive up to $15 million in additional payments if Xerecept meets certain regulatory milestones. NTI is serving as the CRO for the Phase III Xerecept trials and will receive a share of profits in the U.S. and royalties in other international markets if Xerecept ultimately receives regulatory approval and is commercialized.