Navigation Links
Nile Therapeutics, Inc. Reports 2008 Second Quarter Financial Results

SAN FRANCISCO, Aug. 14 /PRNewswire-FirstCall/ -- Nile Therapeutics, Inc. (Nasdaq: NLTX), today announced financial results for the three and six months ended June 30, 2008.

Net operating loss for the three months ended June 30, 2008 was $3.8 million or $0.16 per share compared to $1.5 million or $0.11 per share, for the same period of 2007. Net operating loss for the six months ended June 30, 2008 totaled $6.8 million or $0.28 per share compared to $2.2 million or $0.16 for the same period of 2007. Weighted average shares outstanding for the three months ended June 30, 2008 and 2007 were 24.1 million and 13.8 million, respectively. For the six months ended June 30, 2008 and 2007, weighted average shares outstanding were 24.1 million and 13.8 million, respectively.

Nile reported no revenue for the three and six months ended June 30, 2008 and 2007, respectively. Research and development expenses were $2.9 million for the three months ended June 30, 2008 compared to $0.9 million for the comparable period of 2007. For the six months ended June 30, 2008, research and development expenses totaled $4.9 million compared with $1.4 million for the same period of 2007. General and administrative expenses were $1.0 million for the three months ended June 30, 2008 compared to $0.6 million for the comparable period of 2007. For the six months ended June 30, 2008, general and administrative expenses totaled $2.2 million compared with $0.7 million for the same period of 2007.

At June 30, 2008, Nile had cash and cash equivalents of $10.3 million compared to $16.2 million on December 31, 2007. This $5.9 million decrease occurred as cash was used for operations.

About Nile Therapeutics

Nile Therapeutics, Inc. is a clinical-stage biopharmaceutical company that develops innovative products for the treatment of cardiovascular disease and other areas of unmet medical need. Nile is initially focusing its efforts on developing its lead compound, CD-NP, a novel rationally designed chimeric peptide in clinical studies for the treatment of heart failure; 2NTX-99, a small molecule, pre-clinical, anti-atherothrombotic agent with nitric oxide donating properties; and CU-NP, a novel rationally designed natriuretic peptide. A key component of the company's strategy is to acquire the global rights to additional compounds to expand its portfolio. More information on Nile can be found at


Daron Evans

Chief Financial Officer

Nile Therapeutics, Inc.


Safe Harbor Paragraph for Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, outlook, milestones, the success of Nile's product development, future financial position, future financial results, plans and objectives of management are forward-looking statements. We may not actually achieve these plans, intentions or expectations and Nile cautions investors not to place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Various important factors that could cause actual results or events to differ materially from the forward-looking statements that we make are described in greater detail in the reports we file with Securities and Exchange Commission, including the "Risk Factors" section of our Annual Report on Form 10-KSB, which was filed with the Securities and Exchange Commission on March 27, 2008. Nile is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.

Nile Therapeutics, Inc.

(A Development Stage Company)

Condensed Statement of Operations


Three Months Ended Six Months Ended

June 30, June 30,

2008 2007 2008 2007

Grant income $- $- $- $-

Operating expenses

Research and

development 2,888,654 863,029 4,866,838 1,421,277

General and

administrative 960,164 564,816 2,158,503 721,496

Total operating

expenses 3,848,818 1,427,845 7,025,341 2,142,773

Loss from operations (3,848,818) (1,427,845) (7,025,341) (2,142,773)

Other income (expense)

Interest income 82,848 7,274 232,284 23,962

Interest expense - (59,836) (137) (119,014)

Other expense (11,131) - (42,843) -

Total other

income (expense) 71,717 (52,562) 189,304 (95,052)

Net loss $(3,777,101) $(1,480,407) $(6,836,037) $(2,237,825)

Basic and diluted loss

per share (0.16) (0.11) (0.28) (0.16)

Weighted average

common shares

outstanding 24,106,341 13,794,132 24,103,010 13,794,132

Summary Balance Sheet Data

June 30, 2008 December 31,

(unaudited) 2007

Cash & cash equivalents $10,347,757 $16,233,464

Total assets $11,189,610 $17,089,328

Stockholder equity $10,190,068 $15,199,932

SOURCE Nile Therapeutics, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Systems Medicine (SM), a Subsidiary of Cell Therapeutics, Inc. (CTI), Announces Execution of CRADA with NCI/NIH to Develop Potential Cancer Treatments Targeting the Insulin Growth Factor (IGF) Pathway
2. Cell Therapeutics, Inc. Takes Corrective Actions in Response to Nasdaq Determination
3. ARYx Therapeutics, Inc. Files Registration Statement for Initial Public Offering
4. Nile Therapeutics, Inc. Adds to Executive Management Team
5. Cell Therapeutics, Inc. (CTI) Receives SPA Approval from FDA and Launches Gender-Specific Phase III Trial for Advanced Non-Small Cell Lung Cancer
6. Founder of ILEX Oncology and Triton Biosciences, Richard Love, Joins Board of Directors of Cell Therapeutics, Inc. (CTI)
7. Cell Therapeutics, Inc. (CTI) Announces 2007 Annual Shareholders Meeting Results
8. Northwest Biotherapeutics, Inc. Announces Appointment of Chief Financial Officer
9. Nile Therapeutics, Inc. to Present at Upcoming BIO Investor Forum
10. Hyperion Therapeutics, Inc. Announces Senior Management Team and $15M Financing Event
11. Cell Therapeutics, Inc. (CTI) BIO Presentation to Be Webcast
Post Your Comments:
(Date:6/27/2016)... 2016  Alex,s Lemonade Stand Foundation (ALSF), a leading ... open a state-of-the-art bioinformatics lab, using ,big data, to ... comes as Liz Scott , co-executive director of ... Summit in Washington, D.C. , hosted ... and advocate of pediatric cancer research and awareness. ...
(Date:6/27/2016)... , June 27, 2016  Global demand for ... percent through 2020 to $7.2 billion.  This market ... beverages, cleaning products, biofuel production, animal feed, and ... diagnostics, and biocatalysts). Food and beverages will remain ... by increasing consumption of products containing enzymes in ...
(Date:6/27/2016)... GUELPH, ON , June 27, 2016 /PRNewswire/ - BIOREM ... it has been advised by its major shareholders, Clean ... LP, United States based venture ... common shares of Biorem (on a fully diluted, as ... for the disposition of their entire equity holdings in ...
(Date:6/27/2016)... 2016  Sequenom, Inc. (NASDAQ: SQNM ), ... through the development of innovative products and services, announced ... United States denied its petition to review ... Sequenom,s U.S. Patent No. 6,258,540 (",540 Patent") are not ... the Supreme Court,s Mayo Collaborative Services v. Prometheus Laboratories ...
Breaking Biology Technology:
(Date:4/28/2016)... India , April 28, 2016 ... Infosys (NYSE: INFY ), and Samsung SDS, a ... that will provide end customers with a more secure, ... services.      (Logo: ) , ... services, but it also plays a fundamental part in enabling ...
(Date:4/19/2016)... The new GEZE SecuLogic access ... "all-in-one" system solution for all door components. It can ... door interface with integration authorization management system, and thus ... minimal dimensions of the access control and the optimum ... offer considerable freedom of design with regard to the ...
(Date:4/13/2016)... 13, 2016  IMPOWER physicians supporting Medicaid patients in ... new clinical standard in telehealth thanks to a new ... higi platform, IMPOWER patients can routinely track key health ... mass index, and, when they opt in, share them ... to a local retail location at no cost. By ...
Breaking Biology News(10 mins):