Neurobiological Technologies Announces Termination of its License and Cooperation Agreement with Merz and Children's Medical Cen
12 Août 2009 - 2:30PM
PR Newswire (US)
EMERYVILLE, Calif., Aug. 12 /PRNewswire-FirstCall/ --
Neurobiological Technologies, Inc. (NTI ) (NASDAQ:NTII) today
announced that it has entered into an agreement to terminate its
license and cooperation agreement with Merz Pharmaceuticals GmbH
(Merz) and Children's Medical Center Corporation (CMCC). Pursuant
to the termination of the agreement, within 10 business days Merz
will make a final payment to NTI in satisfaction of all its royalty
and other obligations under the license and cooperation agreement.
Also pursuant to the termination agreement, NTI and Merz agreed to
a mutual release of all claims related to the license and
cooperation agreement. NTI also announced that it received a
regularly scheduled royalty payment from Merz immediately prior to
entering into the termination of the license and cooperation
agreement. Under the license and cooperation agreement, as amended
in 2008, NTI and CMCC have been entitled to receive quarterly
royalty payments from Merz on sales of Memantine in the United
States, with scheduled reductions in the royalty rates. The
termination of the agreement with respect to NTI does not affect
the rights and obligations flowing between Merz and CMCC under the
amended agreement. The royalty payment received and the termination
payment due from Merz aggregate approximately $6 million and will
be recognized as revenue in the quarter ending September 30, 2010,
the first quarter of NTI's 2010 fiscal year. About Neurobiological
Technologies, Inc. Neurobiological Technologies, Inc. is a
biopharmaceutical company historically focused on developing
investigational drugs for central nervous system conditions. The
company is currently reviewing strategic alternatives with the goal
of maximizing the value of its cash and other assets for the
benefit of its shareholders. DATASOURCE: Neurobiological
Technologies, Inc. CONTACT: Matthew M. Loar, CFO of Neurobiological
Technologies, Inc., +1-510-595-6000 Web Site: http://www.ntii.com/
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