Neurobiological Technologies Inc. Reports Second Quarter Net Loss

Strategic Insights -

Neurobiological Technologies Inc., a biopharmaceutical company focused on the development of therapeutic products based on the interaction of the neuroendocrine and immune systems, announced a net loss of $1,226,000 for the second quarter ended December 31, 1994. This compares to a net loss of $750,000 for the same quarter a year ago. The company's lead product candidate, Corticotropin-Releasing Factor (CRF), is being tested in several clinical trials for the treatment of edema and inflammation. CRF is a human peptide with broad anti-inflammatory activity, and NTII is conducting two Phase I/II clinical trials to evaluate its safety and effects on brain cancer edema and a pilot Phase I/II study in rheumatoid arthritis patients.

Key Takeaways:

  • The company reported a net loss of $1,226,000 for the second quarter ended December 31, 1994, compared to a net loss of $750,000 for the same quarter a year ago.
  • The average number of outstanding shares increased to 3,896,132 in the current quarter from 1,595,429 in the same quarter last year, primarily as a result of shares issued in the company's IPO in February 1994.
  • Research and development expenses for the quarter were $1,009,000, compared to $449,000 in the second fiscal quarter of last year, primarily due to a higher level of clinical and preclinical activity on the company's lead product, CRF.
  • The company completed key toxicology studies that support increasing CRF doses and duration of treatment in clinical trials.
  • NTII is focusing its clinical efforts primarily on two of the most promising indications for CRF: brain cancer edema and asthma.
  • The company had cash and short-term investments of $11.5 million, working capital of $11 million, and no long-term debt at December 31, 1994.
  • NTII is an emerging biopharmaceutical company focused on the development of therapeutic products based on the interaction of the neuroendocrine and immune systems.

Statistics:

  • Net loss for the second quarter ended December 31, 1994: $1,226,000
  • Net loss for the same quarter a year ago: $750,000
  • Average number of outstanding shares for the current quarter: 3,896,132
  • Average number of outstanding shares for the same quarter last year: 1,595,429
  • Research and development expenses for the quarter: $1,009,000
  • Working capital at December 31, 1994: $11 million
  • Cash and short-term investments at December 31, 1994: $11.5 million

Sources:

  • Business Wire, "Neurobiological Technologies Inc. Reports Second Quarter Net Loss," January 30, 1995
  • Neurobiological Technologies Inc., press release, January 30, 1995