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Nile Therapeutics, Inc. to Raise $1.4 Million in Registered Direct Offering
Date:3/30/2012

SAN MATEO, Calif., March 30, 2012 /PRNewswire/ -- Nile Therapeutics, Inc. (OTCQB: NLTX), a biopharmaceutical company that develops novel therapeutics for heart failure patients, today announced that it has entered into a definitive agreement to sell 3.6 million shares of its common stock at a price per share of $0.40 for aggregate gross proceeds of $1.44 million.  In addition, each investor will also receive three-fourths of a warrant to purchase an additional share of common stock at an initial exercise price of $0.50 per share. In total, the company will issue warrants to purchase 2.7 million shares of common stock. 

The company plans to use the net proceeds from the offering for general corporate purposes, including funding our activities related to planning and designing our next Phase 2 clinical trial of cenderitide.  The offering is expected to close on April 4, 2012, subject to the satisfaction of customary closing conditions.

Roth Capital Partners, LLC acted as sole placement agent in the offering.

The securities described above are being offered pursuant to a shelf registration statement (File No. 333-165167), which was declared effective by the United States Securities and Exchange Commission ("SEC") on March 12, 2010. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. When filed with the SEC, copies of the prospectus supplement and the accompanying base prospectus relating to this offering may be obtained at the SEC's website at www.sec.gov, or by request at Roth Capital Partners, LLC, 1270 888 San Clemente Drive,
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SOURCE Nile Therapeutics, Inc.
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