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Nile Therapeutics Reports 2009 Second Quarter Financial Results
Date:8/13/2009

SAN FRANCISCO, Aug. 13 /PRNewswire-FirstCall/ -- Nile Therapeutics, Inc. (Nasdaq: NLTX), a company focused on the development of novel therapeutics for heart failure patients, today announced its second quarter financial results for 2009.

Financial Results

For the second quarter of 2009, Nile reported a net loss of approximately $2.5 million, or $0.10 per share, compared to a net loss of approximately $3.8 million, or $0.16 per share, during the second quarter of 2008. Weighted-average shares outstanding for the quarter were 24.1 million.

Net cash used in operating activities in the second quarter of 2009 was $1.8 million. As of June 30, 2009, Nile had cash and cash equivalents of approximately $1.8 million compared to approximately $5.5 million as of December 31, 2008.

Subsequent to the end of the second quarter of 2009, Nile completed a private placement of common stock and warrants to purchase additional stock for aggregate proceeds of approximately $3.4 million. The private placement closed on July 15, 2009.

Update on CD-NP

In August 2009, Nile completed dosing the first patient in a single-blind, placebo-controlled Phase 2 study designed to provide additional information on the safety and tolerability of CD-NP when infused for up to 72 hours in patients with acute heart failure and mild to moderate renal insufficiency. Additional endpoints will include assessments of CD-NP's ability to relieve symptoms of acute heart failure and its effects on biomarkers of heart failure and renal function. The study is expected to enroll approximately 30 to 40 patients in the United States, Germany and Israel and will evaluate up to 3 dosages of CD-NP.

Nile expects to
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SOURCE Nile Therapeutics, Inc.
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