On November 19, 2009, the Board of Directors of Neurobiological Technologies, Inc. (the "Company") approved the extension of COBRA coverage for each of its three remaining employees, including its Chief Financial Officer, Matthew M. Loar, for up to the earlier of (a) 18 months and (b) the date that such employee is eligible to receive similar group life, health and dental benefits through a new employer.

On November 19, 2009, the Board of Directors of the Company approved an extraordinary cash dividend of $0.18 per share to the holders of record of common stock as of November 30, 2009. The dividend will be paid on or about December 9, 2009 and the Company's stock is expected to trade ex-dividend after the payment is made.

The Company expects that it will file a Form 25 to delist its common stock from the NASDAQ Capital Market and that it will file a certificate of dissolution with the Secretary of State of Delaware on or about December 17, 2009 (the "Effective Date"). The Company also currently expects to close its stock transfer books on or around the Effective Date and to discontinue recording transfers and issuing stock certificates (other than replacement certificates) at that time. Accordingly, it is expected that trading in shares of the Company's common stock will cease after the Effective Date.

(d) Exhibits.

Exhibit No.       Description

99.1              Press Release of Neurobiological Technologies, Inc., dated
                  November 23, 2009