FORM 10-QSB
UNITED STATES
SECURITY AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ___________ to _____________
Commission file number 0-23280
NEUROBIOLOGICAL TECHNOLOGIES, INC.
(exact name of small business issuer as specified in its charter)
Delaware 94-3049219
(State or other jurisdiction of incorporation (IRS Employer Identification No.)
or organization)
3260 Blume Drive, Suite 500
Richmond, California 94806
(Address of principal executive offices)
(510) 262-1730
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days: Yes [X] No [ ]
Indicate the number of shares outstanding of each of the issuer's classes of
the common stock, as of the latest practical date.
Common Stock, $.001 Par Value -16,352,640- shares outstanding
as of November 3, 2000
Transitional Small Business Disclosure format Yes [ ] No [X]
<PAGE>
INDEX
NEUROBIOLOGICAL TECHNOLOGIES, INC.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (Unaudited)
Condensed Balance Sheets - - September 30, 2000 and June 30, 2000
Condensed Statements of Operations - - Three months ended September 30,
2000 and 1999; Period from August 27, 1987 (inception) through
September 30, 2000
Condensed Statements of Cash Flows - - Three months ended September 30,
2000 and 1999; Period from August 27, 1987 (inception) through
September 30, 2000
Notes to Condensed Financial Statements - - September 30, 2000
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
SIGNATURES
2
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PART 1. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (Unaudited)
<TABLE>
NEUROBIOLOGICAL TECHNOLOGIES, INC.
(A development stage company)
CONDENSED BALANCE SHEETS
<CAPTION>
September 30, June 30,
2000 2000
------------ ------------
(Unaudited) (*)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 3,786,266 $ 7,387,076
Short-term investments 3,718,190 1,225,592
Prepaid expenses and other 49,260 42,297
------------ ------------
Total current assets 7,553,716 8,654,965
Long-term investments 711,565 --
Property and equipment, net 45,388 27,778
------------ ------------
$ 8,310,669 $ 8,682,743
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 536,003 $ 769,393
------------ ------------
Total current liabilities 536,003 769,393
Stockholders' equity:
Convertible preferred stock, $.001 par value, 5,000,000 shares authorized,
2,332,000 issued in series, 2,182,000 and 2,282,000 outstanding at September
30, 2000 and June 30, 2000, respectively 1,091,000 1,141,000
Common stock, $.001 par value, 25,000,000 shares authorized, 16,311,278 and
15,647,397 outstanding at September 30, 2000 and
June 30, 2000, respectively 42,686,817 42,170,818
Deferred compensation (232,688) (246,376)
Deficit accumulated during development stage (35,770,463) (35,152,092)
------------ ------------
Total stockholders' equity 7,774,666 7,913,350
------------ ------------
$ 8,310,669 $ 8,682,743
============ ============
<FN>
See accompanying notes
* Derived from audited financial statements
</FN>
</TABLE>
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NEUROBIOLOGICAL TECHNOLOGIES, INC.
(A development stage company)
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Period from
August 27, 1987
(inception)
Three months ended September 30, through
---------------------------- September 30,
2000 1999 2000
------------ ------------ ------------
REVENUES
License $ -- $ -- $ 2,100,000
Grant -- -- 149,444
------------ ------------ ------------
Total revenues -- -- 2,249,444
EXPENSES
Research and development 235,597 535,938 27,200,306
General and administrative 528,671 246,707 13,304,951
------------ ------------ ------------
Total expenses 764,268 782,645 40,505,257
------------ ------------ ------------
Operating loss (764,268) (782,645) (38,255,813)
Interest income 145,897 1,521 2,485,350
------------ ------------ ------------
NET LOSS $ (618,371) $ (781,124) $(35,770,463)
============ ============ ============
BASIC & DILUTED NET
LOSS PER SHARE $ (0.04) $ (0.10)
============ ============
Shares used in basic & diluted
net loss per share calculation 16,103,854 7,690,088
============ ============
See accompanying notes.
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<TABLE>
NEUROBIOLOGICAL TECHNOLOGIES, INC.
(A development stage company)
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Period from
Three months ended August 27, 1987
September 30, (inception) through
--------------------------------- September 30,
2000 1999 2000
------------ ------------ ------------
<S> <C> <C> <C>
OPERATING ACTIVITIES:
Net loss $ (618,371) $ (781,124) $(35,770,463)
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation and amortization 4,959 328 649,183
Amortization of deferred stock compensation 13,688 -- 41,062
Issuance of common stock and warrants
for license rights and services -- -- 209,975
Changes in assets and liabilities:
Prepaid expenses and other (6,963) (5,558) (49,260)
Accounts payable and accrued expenses (233,390) 15,242 536,003
------------ ------------ ------------
Net cash used in operating activities (840,077) (771,112) (34,383,500)
------------ ------------ ------------
INVESTING ACTIVITIES:
Purchase of investments (3,204,163) -- (38,269,433)
Maturity of investments -- -- 33,839,678
Purchases of property and equipment (22,569) -- (411,509)
Additions to patents and licenses -- -- (283,062)
------------ ------------ ------------
Net cash used in investing activities (3,226,732) -- (5,124,326)
FINANCING ACTIVITIES:
Payment of note payable -- -- (200,000)
Proceeds from short-term borrowings -- 1,000,000 435,000
Issuance of common stock, net 465,999 116,740 34,901,010
Issuance of preferred stock, net -- -- 8,158,082
------------ ------------ ------------
Net cash provided by financing activities 465,999 1,116,740 43,294,092
Increase (decrease) in cash and cash equivalents (3,600,810) 345,628 3,786,266
Cash and equivalents at beginning of period 7,387,076 201,202 --
------------ ------------ ------------
Cash and equivalents at end of period $ 3,786,266 $ 546,830 $ 3,786,266
============ ============ ============
SUPPLEMENTAL DISCLOSUSRES:
Conversion of short-term borrowings to
Series A preferred stock $ -- $ -- $ 235,000
============ ============ ============
Conversion of preferred stock to common stock $ 50,000 $ -- $ 7,302,082
============ ============ ============
Deferred stock compensation related to options
granted $ -- $ -- $ 273,750
============ ============ ============
<FN>
See accompanying notes
</FN>
</TABLE>
5
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NEUROBIOLOGICAL TECHNOLOGIES, INC.
(A development stage company)
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
September 30, 2000
NOTE 1-BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The accompanying unaudited condensed financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-QSB and Item 310(b)
of Regulation S-B. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring adjustments) considered necessary for a fair presentation
have been included. Operating results for the three month period ended September
30, 2000 are not necessarily indicative of the results that may be expected for
the year ended June 30, 2001. For further information, refer to the financial
statements and footnotes included in our Form 10-KSB for the fiscal year ended
June 30, 2000.
BASIC AND DILUTED NET LOSS PER SHARE
Net loss per share is presented under the requirements of Financial
Accounting Standards Board ("FAS") No. 128, "Earnings per Share." Basic loss per
share is computed based on the average shares of common stock outstanding and
excludes any options, warrants, and convertible securities. Potentially dilutive
securities, such as options, warrants, and convertible preferred stock, have
also been excluded from the computation of diluted net loss per share as their
effect is antidilutive.
COMPREHENSIVE INCOME (LOSS)
The Company has no items of other comprehensive income, and,
accordingly, its net loss is equal to its comprehensive income.
NOTE 2-NASDAQ APPROVAL
In July 2000, NTI announced that the company was approved for listing
on The Nasdaq SmallCap Market under the ticker symbol NTII. From February 1998
to July 2000, the Company's common stock was traded on the Nasdaq Stock Market's
Over-the-Counter (OTC) Bulletin Board(R).
NOTE 3-SUBSEQUENT EVENTS
In October 2000, the Company received $2.5 million from Merz + Co.
under its 1998 strategic research and marketing cooperation agreement with Merz.
The payment will be recognized over the term of the agreement.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Statements in this "Management's Discussion and Analysis of Financial
Condition and Results of Operations," and elsewhere in this Form 10-QSB that are
not historical are forward-looking statements and are subject to a number of
risks and uncertainties which could cause actual results to differ materially
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from those discussed in the forward-looking statements. Factors that might cause
such a difference include, but are not limited to, those set forth under "Other
Factors That May Affect Our Operations." These forward looking statements
represent NTI's judgment as of the date hereof. We disclaim any intent or
obligation to update these forward looking statements.
OVERVIEW
Neurobiological Technologies, Inc. or NTI(R) ("NTI," "we," "us," "our"
or the "Company") is an emerging drug development company focused on the
clinical development and regulatory approval of neuroscience drugs. We develop
neuroprotective and neuromodulatory agents to treat progressive neurological
impairments characteristic of various nervous system disorders, including
diabetic neuropathy, brain cancer and AIDS Dementia Complex. Our strategy is to
in-license and develop early stage drug candidates that target major medical
needs and that can be rapidly commercialized.
NTI currently has two product candidates that have completed or are in
Phase II human clinical testing. One of these, the orally-dosed compound
Memantine, appears to restore the function of impaired neurons by modulation of
the N-methyl-D-aspartate (NMDA) receptor, integral to the membranes of such
cells. Such restoration of function inhibits injured or damaged neurons from
firing abnormally, a pathological process associated with many neurological
conditions, including dementia, Alzheimer's disease, neuropathic pain
(persistent pain resulting from abnormal signals to the brain) and AIDS
dementia.
In April 1998, we entered into a strategic research and marketing
cooperation agreement with Merz + Co. (Merz) and a new revenue sharing
partnership with Children's Medical Center Corporation to further the clinical
development and commercialization of Memantine. Pursuant to this agreement,
Children's Medical Center Corporation terminated its existing license to NTI for
AIDS-related dementia and neuropathic pain and granted exclusive rights to Merz.
NTI and Merz share scientific, clinical and regulatory information about
Memantine, particularly safety data, to facilitate regulatory review and
marketing approval by the FDA and foreign regulatory authorities. Pursuant to
the agreement with Merz, NTI will share in future revenues from sales of
Memantine for all indications. In that regard, in October 2000 we received and
expect to continue receiving a share of the payments Merz will receive under its
agreements with Forest Laboratories, Inc. and H. Lundbeck A/S described below.
In June 2000, Merz entered into an agreement with Forest Laboratories,
Inc. for the development and marketing of Memantine in the United States for the
treatment of Alzheimer's disease, neuropathic pain and AIDS-related dementia.
In August 2000, Merz entered into a strategic license and cooperation
agreement with H. Lundbeck A/S, of Copenhagen, Denmark for the further
development and marketing of Memantine for the treatment of Alzheimer's disease,
neuropathic pain and AIDS-related dementia. Lundbeck will acquire exclusive
rights to certain European markets and in Canada, Australia and South Africa and
semi-exclusive rights to co-market with Merz in other markets worldwide, not
including the United States, which is being developed by Forest Laboratories,
and Japan, which is being developed by Merz's collaborative partner Suntory Ltd.
NTI is also developing a second product, XERECEPT(TM), a synthetic
preparation of the natural human peptide, Corticotropin-Releasing Factor, as a
treatment for brain swelling due to brain tumors (peritumoral brain edema).
In August 2000, we announced that we had signed an option with the
University of California, Berkeley for Berkeley's patents on
corticotropin-releasing hormone (CRH) analogues. The option agreement includes a
work plan that will encompass in vivo models of the hormones to screen
CRH-analogues in terms of arriving at the optimum CRH-analogue for clinical
purposes.
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Since 1987 when NTI was founded, we have applied a majority of our
resources to our research and development programs. NTI is a development stage
company, has not received any revenue from the sale of products; however, we
anticipate receiving revenue from the sale of products in the future. We have
incurred losses since our inception and expect to incur continuing losses due to
ongoing and planned research and development efforts. However, we have received
and expect to receive income in the form of upfront payments under our agreement
with Merz. In addition, if certain milestones are met, we expect to receive
royalties from sales of Memantine.
RECENT EVENT
On November 1, 2000, we announced that we had received a $2.5 million
upfront payment from Merz under our 1998 strategic research and marketing
cooperation agreement with Merz. The payment was triggered by monies received by
Merz pursuant to Merz's agreements with Forest Laboratories and Lundbeck.
RESULTS OF OPERATIONS
Our research and development expenses decreased to approximately
$236,000 in the three months ended September 30, 2000 from approximately
$536,000 in the three months ended September 30, 1999. The decrease was
primarily due to the completion of the Phase IIB human clinical trials to
evaluate Memantine as a treatment for peripheral diabetic neuropathy. General
and administrative expenses increased to approximately $529,000 in the three
months ended September 30, 2000 from $247,000 in the same period of the prior
year. The increase was primarily due to increased expenditures in activities
relating to investor relations and corporate partnerships. Interest income
increased to approximately $146,000 in the three months ended September 30, 2000
from $2,000 in the same period of the prior year due to higher average cash
balances.
We expect to incur ongoing costs primarily for Phase II and Phase III
clinical trials for our development of XERECEPT and CRH-analogues and related
administrative support. We expect that our expenditures will continue to
increase as XERECEPT moves through Phase II and Phase III clinical trials. All
future development costs of Memantine will be paid by Merz's marketing partners.
LIQUIDITY AND CAPITAL RESOURCES
From inception through September 30, 2000, we have raised a total of
$43.1 million in net proceeds from the sale of common and preferred stock.
We had available cash and cash equivalents and short-term investments
of $7.5 million as of September 30, 2000. We believe that amount plus the $2.5
million payment we received from Merz in October 2000 will be adequate to fund
our operations through at least the next twelve months. In the course of our
development activities we have incurred significant losses and expect additional
losses in the year ending June 30, 200l. We expect to incur costs in fiscal 200l
primarily for Phase II clinical trials of XERECEPT and related administrative
support. All future development cost of Memantine will be paid by Merz's
marketing partners.
Our future capital requirements will depend on a number of factors,
including:
o the amount of front-end milestone payments received from marketing
agreements for Memantine;
o the amount of royalties received from Merz for future sales of
Memantine;
o the progress of our clinical development programs;
o the time and cost involved in obtaining regulatory approvals;
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o the cost of filing, prosecuting, defending and enforcing patent claims
and other intellectual property rights;
o competing technological and market developments;
o our ability to establish collaborative relationships; and
o the development of commercialization activities and arrangements.
We may seek to raise additional funds whenever market conditions
permit. If we are not able to raise adequate funds, we may be required to delay,
scale back, or terminate our clinical trials, or to obtain funds through
entering into arrangements with collaborative partners or others. Such
arrangements may require us to give up additional rights to our technology,
product candidates or products.
OTHER FACTORS THAT MAY AFFECT OUR OPERATIONS
Because all of our potential products are in clinical development, we may not
develop a candidate product that will receive required regulatory approval or be
successfully commercialized.
We are still in the development stage and have no marketable products.
As a result, there is no revenue from product sales, and most of our resources
are dedicated to the development of selected candidate pharmaceutical products.
The results of our preclinical studies and early stage clinical trials are not
necessarily indicative of those that will be obtained upon further clinical
testing in later stage clinical trials. It is possible that none of our
candidate products will receive regulatory approval or be successfully
commercialized.
Our potential products are subject to the risks of failure inherent in the
development of products based on new technologies.
Our potential products are subject to the risks of failure inherent in
the development of products based on new technologies. These risks include the
possibility that the potential products may:
o be found to be unsafe, ineffective or toxic;
o fail to receive necessary regulatory clearances; and
o if approved, be difficult to manufacture on a large scale or
uneconomical to market;
o be precluded from marketing by us due to the proprietary rights of
third parties; and
o not be successful because third parties market or may market superior
or equivalent products.
Further, our development activities may not result in any commercially
viable products. We do not expect to be able to commercialize any products for a
number of years, if at all.
We are dependent on Merz and its marketing partners, Forest and Lundbeck, for
the successful commercialization of Memantine.
The only revenues that we will receive in the future for Memantine are
royalties on product sales by Merz or its marketing partners and our share of
front-end and milestone payments received by Merz from its partners. Under
certain circumstances, Merz can terminate its agreement with us upon six months
notice. The termination of our agreement with Merz or any failure by Merz or its
partners to successfully commercialize Memantine after its development would
have a material adverse effect on our business, financial condition and results
of operations.
We have relied and will continue to rely on others for research, development,
manufacture and commercialization of our potential products.
We have entered into various contractual arrangements (many of which
are non-exclusive) with consultants, academic collaborators, licensors,
licensees and others, and we are dependent upon the level of commitment and
subsequent success of these outside parties in performing their
responsibilities. Certain of
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these agreements place significant responsibility for preclinical testing and
human clinical trials and for preparing and submitting submissions for
regulatory approval for potential products on the collaborator, licensor or
contractor. If the collaborator, licensor or contractor fails to perform, our
business may be adversely affected.
We have also relied on scientific, technical, clinical, commercial and
other data supplied and disclosed by others in entering into these agreements.
We have relied on this data in support of applications to enter human clinical
trials for our potential products. Although we have no reason to believe that
this information contains errors or omissions of fact, it is possible that there
are errors or omissions of fact that would change materially our view of the
future likelihood of FDA approval or commercial viability of these potential
products.
We have agreements and licenses with third parties that require us to
pay royalties and make other payments to such parties. Our failure to make such
payments could cause us to lose rights to technology or data under these
agreements. Clinical trials or marketing of any of our potential products may
expose us to liability claims from the use of such products, which our insurance
may not cover.
The FDA and state and local agencies, and comparable agencies and entities in
foreign countries impose substantial requirements on the manufacturing and
marketing of human therapeutics through lengthy and detailed laboratory and
clinical testing procedures, sampling activities and other costly and time
consuming procedures.
Fulfillment of regulatory requirements for marketing human therapeutics
typically takes many years and varies substantially based on the type,
complexity, and novelty of the drug for which approval is sought. Government
regulation may:
o delay for a considerable period of time or prevent marketing of any
product that we may develop; and/or
o impose costly procedures upon our activities.
Either of these effects of government regulation may provide an
advantage to our competitors.
There can be no assurance that FDA or other regulatory approval for any
products developed by NTI will be granted on a timely basis or at all. Any delay
in obtaining, or failure to obtain, required approvals would adversely affect
the marketing of our proposed products and our ability to earn product revenues
or royalties.
In addition, success in preclinical or early stage clinical trials does
not assure success in later stage clinical trials. As with any regulated
product, additional government regulations may be instituted which could delay
regulatory approval of our potential products. Additional government regulations
that might result from future legislation or administrative action cannot be
predicted.
Our success will depend, in large part, on our ability to obtain or license
patents, protect trade secrets and operate without infringing upon the
proprietary rights of others.
The patent position of biotechnology firms generally is highly
uncertain because:
o patents involve complex legal and factual issues that have recently
been the subject of much litigation;
o no consistent policy has emerged from the United States Patent and
Trademark Office regarding the breadth of claims allowed or the degree
of protection afforded under biotechnology patents; and
o others may independently develop similar products, duplicate any of the
Company's potential products, or design around the claims of any
potential patented products of NTI.
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In addition, because of the time delay in patent approval and the
secrecy afforded United States patent applications, we do not know if other
applications, which might have priority over our applications, have been filed.
Further, because we have non-exclusive licenses to patent rights covering
certain uses of XERECEPT, others may develop, manufacture and market products
that could compete with those we develop.
As a result of all of these factors, there can be no assurance that
patent applications relating to our potential products or processes will result
in patents being issued, or that patents, if issued, will provide protection
against competitors who successfully challenge our patents, obtain patents that
may have an adverse effect on our ability to conduct business, or be able to
circumvent our patent position.
A number of pharmaceutical and biotechnology companies and research and
academic institutions have developed technologies, filed patent applications or
received patents on various technologies that may be related to our business.
Some of these technologies, applications or patents may conflict with NTI's or
any of our licensors' technologies or patent applications. Such conflict could
limit the scope of the patents, if any, that we may be able to obtain or to
which we have a license or result in the denial of our patent applications or
the patent applications for which we have licenses. In addition, if patents that
cover our activities have been or are issued to other companies, there can be no
assurance that we would be able to obtain licenses to these patents at a
reasonable cost or be able to develop alternative technology.
Because we do not have our own manufacturing facilities, we face risks from
outsourcing.
Memantine currently is being supplied to NTI by our corporate
collaborator, Merz. We have also contracted with external vendors to manufacture
compounds for our other clinical trials. The manufacturers of clinical products
have represented to us that they are qualified to produce drugs under FDA
regulations and that they follow current Good Manufacturing Practice (cGMP).
We face certain risks by outsourcing manufacturing, including:
o the delay of our preclinical and human clinical testing if our
contractors are unable to supply sufficient quantities of product
candidates manufactured in accordance with cGMP on acceptable terms;
o the delay of market introduction and subsequent sales of such products
if we should encounter difficulties in establishing relationships with
manufacturers to produce, package and distribute our products; and
o adverse effects on the FDA pre-market approval of the products if our
collaborators and contract manufacturers if they do not adhere to cGMP
regulations.
Therefore, our dependence on third parties for the manufacture of
products may adversely affect our results of operations and our ability to
develop and deliver products on a timely and competitive basis.
Clinical trials or marketing of any of our potential products may expose us to
liability claims from the use of such products which our insurance may not
cover.
We have a limited amount of product liability insurance to cover
liabilities arising from clinical trials. Our current product liability
insurance does not cover commercial sales of products. We cannot be sure that we
will be able to obtain product liability insurance covering commercial sales or,
if such insurance is obtained, that sufficient coverage can be acquired at a
reasonable cost. An inability to obtain insurance at acceptable cost or
otherwise protect against potential product liability claims could prevent or
inhibit commercialization of any products we develop.
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Further reductions in our staff might significantly delay the achievement of
planned development objectives. Each person currently employed by NTI serves an
essential function. Any reductions in force could impair our ability to manage
ongoing human clinical trials and have a material adverse effect on our
operations.
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PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
The following exhibits are incorporated by reference or filed as part
of this report.
Exhibit
Number Description
---------- ----------------
3.1 Restated Certificate of Incorporation of the Company. (1)
3.2 Bylaws of the Company. (1)
3.3 Certificate of Designations, Preferences and Rights of Series
A Preferred Stock of the Company. (2)
10.23 Option to Negotiate an Exclusive License between the Company
and the Regents of the University of California, dated July
15, 2000+
27 Financial Data Schedule
------------
(1) This exhibit is filed as an exhibit to the Company's Registration Statement
on Form SB-2 (Registration No. 33-74118-LA) and is incorporated herein by
reference.
(2) This exhibit is filed as an exhibit to the Company's Annual Report on Form
10-KSB for the year ended June 30, 1999 and is incorporated herein by
reference.
+ Confidential treatment has been requested with respect to certain portions
of this agreement. Reports: The Company did not file a report on Form 8-K
during the three months ended September 30, 2000.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
NEUROBIOLOGICAL TECHNOLOGIES, INC.
Dated: November 14, 2000 /s/ Paul E. Freiman
----------------------------
Paul E. Freiman
President, Chief Executive Officer
(Principal Executive and Accounting Officer)
and Director
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EXHIBIT INDEX
Exhibit
Number Description
---------- ----------------
3.1 Restated Certificate of Incorporation of the Company. (1)
3.2 Bylaws of the Company. (1)
3.3 Certificate of Designations, Preferences and Rights of Series
A Preferred Stock of the Company. (2)
10.23 Option to Negotiate an Exclusive License between the Company
and the Regents of the University of California, dated July
15, 2000+
27 Financial Data Schedule
------------
(1) This exhibit is filed as an exhibit to the Company's Registration Statement
on Form SB-2 (Registration No. 33-74118-LA) and is incorporated herein by
reference.
(2) This exhibit is filed as an exhibit to the Company's Annual Report on Form
10-KSB for the year ended June 30, 1999 and is incorporated herein by
reference.
+ Confidential treatment has been requested with respect to certain portions
of this agreement.
