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Nile Therapeutics Reports 2008 First Quarter Financial Results
Date:5/15/2008

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 - -

Operating expenses:

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)

Weighted-average common

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


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SOURCE Nile Therapeutics, Inc.
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