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:11/27/2015)... , ... November 27, 2015 , ... ... that includes over 2,000 technical presentations offered in symposia, oral sessions, workshops, ... applied spectroscopy, covers a wide range of applications such as, but not limited ...
(Date:11/25/2015)... Nov. 25, 2015  PharmAthene, Inc. (NYSE MKT: PIP) ... a stockholder rights plan (Rights Plan) in an effort ... carryforwards (NOLs) under Section 382 of the Internal Revenue ... PharmAthene,s use of its NOLs could be substantially ... defined in Section 382 of the Code. In general, ...
(Date:11/25/2015)... /PRNewswire/ - Aeterna Zentaris Inc. (NASDAQ:  AEZS; TSX: AEZ) ... remain fundamentally strong and highlights the following developments: ... DSMB recommendation to continue the ZoptEC Phase 3 ... final interim efficacy and safety data , ... with heavily pretreated castration- and Taxane-resistant prostate cancer ...
(Date:11/24/2015)... 2015  Asia-Pacific (APAC) holds the third-largest share ... The trend of outsourcing to low-cost locations is ... volume share for the region in the short ... in the CRO industry will improve. ... ), finds that the market earned revenues ...
Breaking Biology Technology:
(Date:11/20/2015)... 2015 NXTD ) ("NXT-ID" or ... growing mobile commerce market and creator of the Wocket® ... was recently interviewed on The RedChip Money Report ... weekend on Bloomberg Europe , Bloomberg Asia, Bloomberg ... NXTD ) ("NXT-ID" or the "Company"), a biometric ...
(Date:11/18/2015)... , November 18, 2015 ... published a new market report titled  Gesture Recognition Market ... Forecast, 2015 - 2021. According to the report, the global gesture ... is anticipated to reach US$29.1 bn by 2021, at ... North America dominated the global ...
(Date:11/17/2015)... Nov. 17, 2015 Pressure BioSciences, Inc. (OTCQB: ... development and sale of broadly enabling, pressure cycling technology ... industry, today announced it has received gross proceeds of ... Private Placement (the "Offering"), increasing the total amount raised ... more additional closings are expected in the near future. ...
Breaking Biology News(10 mins):