NEUROBIOLOGICAL TECHNOLOGIES, INC. RECEIVES $1.1 MILLION ROYALTY PAYMENT RELATED TO MEMANTINE

Neurobiological Technologies, Inc. (Nasdaq: NTII -- News) today announced that it had received a royalty payment of $1,052,448 from Merz Pharmaceuticals GmbH (Merz) for sales of Memantine for the treatment of moderate-to-severe Alzheimer's disease in the quarter ended March 31, 2005. NTI receives royalty payments, pursuant to its strategic research and marketing cooperation agreement with Merz, on sales of Memantine by Merz and its marketing partners, Forest Laboratories, Inc. and H. Lundbeck A/S. NTI received payment of $1,122,895 from Merz in April 2005, for sales of Memantine in the quarter ended December 31, 2004.

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