Nile Therapeutics, Inc. Reports 2008 Third Quarter Financi...( SAN FRANCISCO Nov. 13 /- Nile The...),Health

SAN FRANCISCO, Nov. 13 /PRNewswire-FirstCall/ -- Nile Therapeutics, Inc. (Nasdaq: NLTX), a biotechnology company focused on the development of novel drugs for cardiovascular disease, today announced financial results for the three and nine months ended September 30, 2008.

Net operating loss for the three months ended September 30, 2008 was $3.3 million, or $0.14 per share, compared to $5.5 million, or $0.35 per share, for the same period of 2007. Net operating loss for the nine months ended September 30, 2008 totaled $10.2 million, or $0.42 per share, compared to $7.8 million, or $0.54 per share, for the same period of 2007.

Nile reported no revenue for the three and nine months ended September 30, 2008 and 2007, respectively. Research and development expenses were $2.6 million for the three months ended September 30, 2008 compared to $2.2 million for the comparable period of 2007. For the nine months ended September 30, 2008, research and development expenses totaled $7.4 million compared with $3.6 million for the same period of 2007. The quarterly and year-to-date increases were mostly due to increased clinical trial expenses on our lead compound, CD-NP. General and administrative expenses were $0.8 million for the three months ended September 30, 2008 compared to $2.6 million for the comparable period of 2007. For the nine months ended September 30, 2008, general and administrative expenses totaled $3.0 million compared with $3.3 million for the same period of 2007.

At September 30, 2008, Nile had cash and cash equivalents of $7.4 million compared to $10.3 million and $16.2 million on June 30, 2008 and December 31, 2007, respectively. This $8.8 million decrease from December 31, 2007 occurred as cash was used for o
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