Neurobiological expects to fund operations through June 2007

By Lisa Kerner

Charlotte, N.C., Nov. 6 - Neurobiological Technologies, Inc. has incurred losses in each year since it inception in 1987, a trend the company expects to continue due to its ongoing due to ongoing research and development efforts, according to a form 10-Q filing with the Securities and Exchange Commission.

The company believes its available cash, cash equivalents and investment balances of $15.2 million, combined with a $10 million credit facility and anticipated payments and royalties will provide "adequate liquidity."

But it said it may seek to raise additional cash, including through the possible sale of stock under its $25 million shelf registration.

Operating activities provided $9 million in fiscal 2006, the company said. It used $9.4 million of cash for operating activities in fiscal 2005.

Neurobiological said it expects to incur increased costs in fiscal 2007 primarily for phase 3 clinical trials for Viprinex.

Contractual commitments include payments for achieving regulatory milestones due under the Abbott license agreement, payments to service providers and sites for clinical trials and future payment enrollment costs.

Neurobiological is a drug-development company based in Emeryville, Calif.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.