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 http://www.nilethera.com.
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 $- $- $- $-
development 2,888,654 863,029 4,866,838 1,421,277
administrative 960,164 564,816 2,158,503 721,496
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) -
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)
outstanding 24,106,341 13,794,132 24,103,010 13,794,132
Summary Balance Sheet Data
June 30, 2008 December 31,
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.|
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