Neurobiological Technologies Inc · OTC:NTII
Neurobiological Technologies — IPO Roadshow (September 2007)
22 slides from Neurobiological Technologies's IPO roadshow presentation, Sep 21, 2007
Slide 1: Issuer Free Writing Prospectus
Issuer Free Writing Prospectus Filed pursuant to Rule 433 Registration No. 333 - 145403 DISCLAIMER The following research report has been prepared entirely by Scimitar Equity Research (“Scimitar”). Neurobiological Technologies, Inc. (“NTI”) previously engaged Scimitar to initiate research coverage o
Slide 2: Please read the important Disclosures Section
volatile market. However, the risk/reward ratio of this trial coming through is very high and could be Please read the important a minimum of 10 x the present value with serious potential for a partnership to the future. This is a Disclosures Section cheap stock even with the disclosed stock (7 for
Slide 3: Investment Thesis
Neurobiological Technologies, Inc. Investment Thesis We are downgrading to a “Hold” ranking on NTIID in light - only - of the initiated equity financing with a current valuation of $51.00 share price. Our valuation is derived by a Sum-of-The-Parts analysis which estimates 2009 revenue at approximate
Slide 4: NASDAQ Listing, Financing and Reverse Stock Transactions
Neurobiological Technologies, Inc. NASDAQ Listing, Financing and Reverse Stock Transactions NTII announced (8/29/07), the receipt of notification from the NASDAQ Listing Qualifications Department that it is not in compliance with the $35 m market value of listed securities requirement for continued
Slide 5: Company Description
Neurobiological Technologies, Inc. Company Description Neurobiological Technologies, Inc. (NTII) is a biotechnology company engaged in the business of acquiring and developing central nervous system (CNS) related drug candidates. NTII is developing therapies for neurological conditions that occur in
Slide 6: Valuation Analysis
Neurobiological Technologies, Inc. Valuation Analysis We have modeled NTIID current valuation at $51.00 (understanding the reduction in shares due to the reverse split pre the fulfillment of the initiated equity financing). Our valuation is derived by a Sum-of-The-Parts analysis which estimates 2009
Slide 7: Valuation Analysis (continued)
Neurobiological Technologies, Inc. Valuation Analysis (continued) Estimated - Activase - Sales In Stroke: United States & Europe 2006E 2007E 2008E 2009E 2010E Stroke Population (U.S. & E.U.) 1,501,500 1,540,000 1,578,500 1,617,963 1,658,412 % who receive Thrombolytic Therapy 2.50% 2.50% 2.50% 2.50%
Slide 8: Valuation Analysis (continued)
Neurobiological Technologies, Inc. Valuation Analysis (continued) We have modeled a valuation of $51.00 (pre the initiated offering) which we see as reasonable given the above metrics, NTIID’s steady royalty stream from sales of Memantine (Namenda® and the potential for positive clinical trial resul
Slide 9: Viprinex Market Model (Ischemic Stroke Only)
Neurobiological Technologies, Inc. Valuation Analysis (continued) Viprinex™ Market Model (Ischemic Stroke Only) U.S. Market 2009E 2010E 2011 E 2012E 2013E 2014E 2015E U.S. Launch Annual # Stroke Cases 728,280 742,846 757,703 772,857 788,314 804,080 820,162 % Cases Ischemic 87% 87% 87% 87% 87% 87% 87
Slide 10: Valuation Analysis (continued)
Neurobiological Technologies, Inc. Valuation Analysis (continued) Importantly, NTII had previously announced in 8/07 an estimated $60 m equity financing to be conducted over the next 1-2 months (Fiscal Year 2008). We understand that a common stock offering which raises the full or partial financing
Slide 11: Pipeline Chart
Neurobiological Technologies, Inc. Pipeline Chart Indication Product Development Status Primary Benefits Sought Minimize neurological damage and Multiple PIII trials being initiated in the US functional outcome while limiting adverse Ischemic Stroke Viprinex™ and EU, Canada and ROW effects (intracra
Slide 12: Comparables
Neurobiological Technologies, Inc. Comparables Ticker Price 12 month Shares Mkt. Cap Company Symbol (009./18/2007) High-Low (MM) ($MM) Neurobiological Technologies NTII $ 3.95 $22.54 - $ 3.90 4.69 m $18.53 m Paion AG (Frankfurt Exchange) PAIOF.PK € 1.73 € 10.50 - € 1.72 N/A N/A Renovis RNVS $ 3.32 $
Slide 13: Catalysts and Milestones
Neurobiological Technologies, Inc. Catalysts and Milestones DATE EVENTS STATUS On-going Receipt of royalty stream from sales of Namenda/Ebixa from Merz On-going Q3/2005 FDA Fast track status for Viprinex™ Completed Q1/2006 Receipt of $10 million line of credit Completed Q1/2006 Partnership for XEREC
Slide 14: Capitalization
Neurobiological Technologies, Inc. Capitalization Financial Instruments # of Shares Authorized Common Stock 50,000,000 Shares Outstanding 32,834,294 Conversion of Preferred into Common 494,000 Warrants 3,808,087 1993 Stock Plan and 2003 Equity Incentive Plan 3,731,732 2003 Employee Stock Purchase Pl
Slide 15: Technology, Strategic Alliances, Management, Board
Neurobiological Technologies, Inc. Technology, Strategic Alliances, Management, Board To access technology section click on the link below HTTP: Technology Review 9/19/2007 14
Slide 16: Q4/07 and FY07 Financial Highlights
Neurobiological Technologies, Inc. Q4/07 and FY07 Financial Highlights For FY07, NTII reported revenue of $17.7 m, a 44% increase over last year’s revenue of $12.3 m. The net loss for FY07 was $14.1 m, or $0.47 per share, compared with a net loss of $27.8 m, or $0.98 per share, in FY06. At the end o
Slide 17: Financials
Neurobiological Technologies, Inc. Financials NEUROBIOLOGICAL TECHNOLOGIES, INC. UNAUDITED CONDENSED STATEMENTS OF OPERATIONS Three Months Ended 2007 FY06 Sep Dec Mar Jun FY07 Total Revenue 12,339,000 4,780,735 4,020,000 4,878,000 3,994,000 17,673,000 Expenses Research and development 22,808,000 5,8
Slide 18: Quarterly Press Releases
Neurobiological Technologies, Inc. Quarterly Press Releases Neurobiological Technologies, Inc. Reports Fourth Quarter and Fiscal Year-End Financial Results for 2007 Announces 1-for-7 Reverse Stock Split Friday September 14 Conference Call Scheduled for September 17 at 10:30 ET, 7:30 PT Neurobiologic
Slide 19: Please Read these Important Disclosures!
Neurobiological Technologies, Inc. Please Read these Important Disclosures! Reg. AC, Analyst Certification I, Henry W. McCusker, hereby certify that all the views expressed in this review, accurately reflect my personal views about the subject Company or companies and its or their securities. No par
Slide 20: Investors must make investment decisions based on their evaluation of their own investment goals,
Investors must make investment decisions based on their evaluation of their own investment goals, risk tolerance, and financial condition. Scimitar Equity Research, Inc., our officers, our advisors, and our partners accept no liability whatsoever for any direct or consequential losses arising from a
Slide 21: Please Read these Important Disclosures! (continued)
Neurobiological Technologies, Inc. Please Read these Important Disclosures! (continued) Research Dissemination The information presented on our web site is provided only as an aid for informing those who make their own investment decisions and are not to be used or considered as an offer to sell or
Slide 22: Free-Writing Prospectus
617.559.1080 info@scimitarequity.com www.scimitarequity.com 9/19/2007 19 Free-Writing Prospectus Neurobiological Technologies, Inc. (the “issuer”) has filed a registration statement (including a prospectus) with the SEC for the offering referred to in this report and thus to which this communication
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