SAN FRANCISCO, July 8 /PRNewswire-FirstCall/ -- Nile Therapeutics, Inc. (Nasdaq: NLTX), a company focused on the development of novel therapeutics for heart failure patients, today announced that it has received commitments from investors to purchase in a private placement securities of the Company for aggregate gross proceeds of approximately $3.4 million. Riverbank Capital Inc., a FINRA member broker dealer, acted as the exclusive placement agent for the transaction.
The net proceeds of the financing will be used to support the advancement of Nile's lead compound, CD-NP, through its 30-patient single-blind, placebo-controlled Phase 2 study, which is currently open to enrollment. This Phase 2 study is designed to provide additional information on the safety and tolerability of CD-NP when infused for up to 72 hours in patients with acute heart failure and mild to moderate renal insufficiency. Additional exploratory endpoints will include assessments of CD-NP's ability to relieve symptoms of acute heart failure and its effects on biomarkers of heart failure and renal function.
"We are pleased to have the continued support of the investment community to ensure the advancement of our promising technology in the effort to develop a novel treatment for heart failure patients," said Joshua Kazam, Chief Executive Officer. "We believe these funds will provide us with sufficient capital to complete our impending Phase 2 clinical study of CD-NP and we look forward to generating meaningful clinical data."
Under the terms of a Securities Purchase Agreement, Nile will sell an aggregate of approximately 2.7 million shares of its common stock and warrants to purchase up approximately 2.7 million additional shares of its common stock. Each unit, consisting of one share of common stock and a warrant to purchase one share of comm
|SOURCE Nile Therapeutics, Inc.|
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