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Nile Therapeutics Announces Exercise of Over-Allotment Option for Recent Public Offering
Date:5/10/2010

SAN MATEO, Calif., May 10 /PRNewswire-FirstCall/ -- Nile Therapeutics, Inc. (Nasdaq: NLTX), a company focused on the development of novel therapeutics for heart failure patients, today announced that the underwriters of its recently completed public offering of units consisting of common stock and warrants have fully exercised their option to purchase an additional 975,000 units to cover over-allotments. The additional units consisted of an aggregate of 975,000 shares of common stock and warrants to purchase an aggregate of 292,500 shares of common stock.  Each warrant has a term of five years and represents the right to purchase one share of common stock at an exercise price of $0.94 per share. The additional units separated immediately and the common stock and warrants were issued separately. The warrants trade on the Nasdaq Capital Market under the symbol "NLTXW".  The sale of the additional units closed on May 10, 2010.

Maxim Group LLC acted as the sole book-running manager for this offering, with Ladenburg Thalmann & Co. Ltd. as co-manager.

Including the proceeds from the sale of the additional units pursuant to the exercise of the over-allotment option, the aggregate net proceeds to Nile from the public offering of the units, after deducting underwriting discounts and commissions and other estimated offering expenses, were approximately $4.6 million.  Nile plans to use the net proceeds from this offering to fund its ongoing Phase II clinical trial of CD-NP in acute heart failure patients, and for general corporate purposes and working capital.

The offering described abov
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SOURCE Nile Therapeutics, Inc.
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