Neurobiological Technologies, Inc. is a biopharmaceutical company focused on developing investigational drugs for central nervous system conditions. In January 2009, the Company terminated development of its most advanced product candidate, Viprinex, which was studied in Phase 3 clinical trials as a potential new drug to treat acute ischemic stroke. In August 2009, it terminated its license and cooperation agreement with Merz and CMCC, which entitled to receive certain royalties on the United States product sales of memantine, in return for Merz’s agreement to make a final payment to the Company. Remaining in the drug development portfolio are rights to receive payments if XERECEPT, a phase 3 investigational drug for brain edema associated with cerebral tumors, is successfully developed and commercialized by Celtic Pharma or sold to a third party.