March 26, 2009 / 12:44 PM / 10 years ago

UPDATE 1-Neurobiological seeks sale, hires adviser

March 26 (Reuters) - Neurobiological Technologies Inc NTII.O said it was evaluating a potential sale of the company or its major assets and had hired a financial adviser to help with the process.

“We have retained RBC Capital Markets to assist us in efficiently determining if there is a transaction more beneficial to our shareholders than a liquidation,” acting Chief Executive William Fletcher said.

In January, the company had suspended further development of Viprinex, its drug for acute ischemic stroke, and cut about 75 percent of its workforce.

Shares of the company closed at 62 cents Wednesday on Nasdaq. (Reporting by Anuradha Ramanathan in Bangalore; Editing by Anil D’Silva) ((anuradha.ramanathan@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800: Reuters Messaging: anuradha.ramanathan.reuters.com@reuters.net))

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