Celtic Pharma Announces Initiation of Pediatric Dose Tolerance Trial Evaluating XERECEPT(R) in Pediatric Patients with Primary and Metastatic Brain Tumors

NEW YORK, LONDON and HAMILTON, Bermuda, April 22, 2010 - Celtic Pharmaceutical Holdings L.P. ("Celtic Pharma") today announced the
initiation of a Phase I/II pediatric dose tolerance trial to test their
investigational new drug XERECEPT(R) in pediatric patients suffering from
primary, recurrent or metastatic brain tumors.

Celtic Pharma's objective for this trial is to rapidly demonstrate the
tolerability to increasing doses of XERECEPT(R) in pediatric patients. Upon
identification of the maximum tolerated dose, the study will continue to
investigate the clinical benefits of XERECEPT(R) in this population,
particularly with regard to reduction of dexamethasone dosing requirements
and concomitant clinical benefit to the patients. Dr. Stewart Goldman,
medical director of the Neuro-Oncology unit at Northwestern University's
Feinberg School of Medicine and the study's Principal Investigator commented,
"I am excited to be working on this very important trial. The effects of
dexamethasone dosing on these children who have brain tumors is heart
wrenching and I look forward to working with Celtic Pharma in the testing of
XERECEPT(R) in these patients."

Stephen Evans-Freke, co-Managing General Partner of Celtic Pharma further
commented, "The current standards of care and prognosis for pediatric
patients with brain tumors is very poor and we believe that XERECEPT(R) may
provide a welcome and needed treatment for these children, in whom the
effects of high-dose steroids are so devastating. We have been in close
contact with leading pediatric neuro-oncologists and look forward to the
completion of this trial. This study is an important element of our forward
development strategy for XERECEPT(R), which we expect to be in registrational
trials in the second half of 2010."

XERECEPT(R) is an investigational new drug that may present an
alternative to dexamethasone for patients with primary and metastatic brain
tumors. XERECEPT(R) has shown in Phase II and Phase III studies that it may
provide a safe and effective alternative to corticosteroid treatment for
tumor-related brain edema and that it may also have direct anti-tumor
activity. Dexamethasone is currently the standard treatment for peritumoral
brain edema, but is associated with debilitating side effects including
diabetes mellitus, hypertension, muscle weakness, bone loss, impaired wound
healing and opportunistic infections.

About Celtic Pharmaceutical Holdings L.P.

Celtic Pharmaceutical Holdings L.P. (Celtic Pharma) is a global private
equity investment firm focused on the biotechnology and pharmaceutical
industries. Celtic Pharma was founded by Stephen Evans-Freke and John Mayo,
CBE and is based in Bermuda, with offices in New York and London. Celtic
Pharma has acquired and invested in late stage pharmaceutical programs and
manages these programs through their development for ultimate sale to
established pharmaceutical companies. Celtic Pharma is fully invested at this
time. Celtic Pharma's aim has been to bridge the gap between the established
pharmaceutical companies' new product pipeline crisis and the biotech
industry's capital drought. For further information, please visit Celtic
Pharma's website at www.celticpharma.com.

Trial Sites

This trial will accrue patients at Children's Memorial Hospital, a member
of the Lurie Comprehensive Cancer Center at Northwestern University (Stewart
Goldman MD - Principal Investigator) and the Dana Farber Cancer Institute,
Harvard University (Mark Kieran MD PhD - Principal Investigator). These
hospitals have two of the largest pediatric brain tumor programs in the
United States and also have with vast experience in pediatric Phase I trials.

Forward-Looking Statements

Certain statements in this press release that are not historical facts,
including statements that are preceded by, or followed by, or that include
words such as "may," "expect," "anticipate," "believe," or "plan," or similar
statements, are forward-looking statements that involve risks and
uncertainties, including risks relating to the results of the clinical trials
for XERECEPT(R) and the ability of Celtic Pharma or Neurobiological
Technologies, Inc. (Pink Sheets: NTII) ("NTI") to obtain regulatory approval
for XERECEPT(R), as well other risks detailed from time to time in NTI's
Securities and Exchange Commission filings. Copies of these filings are
available from NTI upon request. Actual results may differ materially from
those projected. These forward-looking statements represent our judgment as
of the date of the release. We disclaim, however, any intent to update these
forward-looking statements.

Kathy Armstrong, Celtic Pharma, Investor Relations, +1-212-616-4042, kathy at celticpharma.com or FD, U.S. Media Relations, Robert Stanislaro, +1-212-850-5657, Robert.stanislaro at fd.com or U.K. Media Relations, John Dineen, +44 (0)72697193, John.dineen at fd.com