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.
|SOURCE Nile Therapeutics, Inc.|
Copyright©2008 PR Newswire.
All rights reserved