BERKELEY, Calif., March 13 /PRNewswire-FirstCall/ -- Nile Therapeutics, Inc. (OTC Bulletin Board: NILT), today announced its fourth quarter and full year financial results for 2007. Participants may access the archived webcast of the conference call from the investor relations section of Nile's website at http://www.nilethera.com. The webcast will remain available on the company's website until the next quarterly conference call.
For the fourth quarter of 2007, Nile reported a net operating loss of $2.7 million, or $0.11 per share. For the full year, net operating loss was $9.5 million, or $0.56 per share. Weighted average shares outstanding for the fourth quarter and for all of 2007 were 24.1 million and 16.9 million, respectively.
Nile reported no revenue during the fourth quarter and grant income of $0.1 million during 2007. For the fourth quarter and for all of 2007, Nile reported net interest income of $0.2 million and net interest expense of $0.8 million, respectively.
As of December 31, 2007, Nile had cash and cash equivalents of $16.2 million compared to $18.0 million at September 30, 2007. Cash and cash equivalents declined $1.8 million in the fourth quarter of 2007 from the third quarter of 2007 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 chimeric
peptide in clinical studies for the treatment of heart failure, and
2NTX-99, a small molecule, pre-clinical, anti-atherothrombotic agent with
nitric oxide donating properties. 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.
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 Prospectus filed pursuant to Rule 424(b)(3) of the Securities Act of
1933, as amended, with the Securities and Exchange Commission on November
15, 2007. 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.
STATEMENTS OF OPERATIONS
Three Months Ended Twelve Months Ended
December 31, 2007 December 31, 2007
Grant income - 101,400
Research and development 1,527,457 5,124,292
General and administrative 1,193,180 4,477,567
Total operating expenses 2,720,637 9,601,859
Loss from operations 2,720,637 9,500,459
Basic and diluted operating
loss per share (0.11) (0.56)
Interest income (net) 204,071 (802,336)
Net loss (2,516,566) (10,302,795)
Basic and diluted loss per share (0.10) (0.61)
shares outstanding 24,099,716 16,942,142
SUMMARY BALANCE SHEET DATA
December 31, 2007
Cash and cash equivalents 16,233,464
Total assets 17,089,328
Stockholders' equity 15,199,931
|SOURCE Nile Therapeutics, Inc.|
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