Neurobiological Tech closes $60M offering

California, USA-based Neurobiological Technologies has closed a $60.0 million underwritten offering of 21,818,181 shares of common stock. Amongst the larger investors in the offering were Biotechnology Value Fund, Great Point Partners and Millennium Technology Value Partners. The company received around $55.0 million of net offering proceeds after underwriting discounts and commissions.

Paul Freiman, chief executive, stated: "our goal was to raise sufficient capital to fund our lead compound, Viprinex (ancrod), through the completion of two existing Phase III trials. Viprinex is being developed as an agent for the treatment of acute ischemic stroke. Based on our forecasts, we anticipate that we have accomplished this goal through both increased positions taken by existing investors, and the addition of significant new investors. The basic premise behind our vision is to enhance the limited treatment options available to victims of this terrible condition."

Mr Freiman continued: "if we succeed in our ongoing clinical trials of Viprinex for acute ischemic stroke, we expect that we will effectively double the available treatment window for the current approved therapy."