SAN FRANCISCO, May 15 /PRNewswire-FirstCall/ -- Nile Therapeutics, Inc. (Nasdaq: NLTX), today announced financial results for the first quarter ended March 31, 2008.
Net operating loss for the first quarter of 2008 was $3.1 million, or $0.13 per share, compared to $0.8 million, or $0.05 per share, for the first quarter of 2007. Weighted average shares outstanding for the first quarter for 2008 and 2007 were 24.1 million and 13.8 million, respectively.
Nile reported no revenue during the first quarter of 2008 and 2007. Research and development expenses were $2.0 million for the first quarter of 2008 compared to $0.6 million for the first quarter of 2007. General and administrative expenses were $1.2 million for the first quarter of 2008 compared to $0.2 million for the first quarter of 2007.
At March 31, 2008, Nile had cash and cash equivalents of $13.66 million compared to $16.23 million on December 31, 2007. This $2.57 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 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.
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 STATEMENTS OF OPERATIONS
Three Months Ended Three Months Ended
March 31, 2008 March 31, 2007
Grant revenue - -
Research and development 1,978,184 558,248
General and administrative 1,198,339 156,680
Total operating expenses 3,176,523 714,928
Loss from operations (3,176,523) (714,928)
Basic and diluted operating loss
per share (0.13) (0.05)
Other income (expense)
Interest income 149,436 16,688
Interest expense (137) (59,178)
Other expense (31,713) -
Total other income (expense) 117,586 (42,490)
Net loss (3,058,937) (757,418)
Basic and diluted loss per share (0.13) (0.05)
shares outstanding 24,099,716 13,794,132
SUMMARY BALANCE SHEET DATA
March 31, 2008 December 31, 2007
Cash and cash equivalents 13,659,576 16,233,464
Total assets 14,486,641 17,089,328
Stockholders' equity 13,107,902 15,199,932
|SOURCE Nile Therapeutics, Inc.|
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