Navigation Links
Nile Therapeutics Reports 2010 Second Quarter Financial Results
Date:8/16/2010

SAN MATEO, Calif., Aug. 16 /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 2010.

Financial ResultsFor the three months ended June 30, 2010, Nile reported a net loss of approximately $1.5 million, or $0.05 per share, compared to a net loss of approximately $2.5 million, or $0.10 per share, during the second quarter of 2009. Weighted-average shares outstanding for the second quarter were 32.3 million.

Net cash used in operating activities in the second quarter of 2010 was approximately $1.0 million; net cash provided by financing activities was approximately $4.5 million; and net cash increase in the second quarter of 2010 was approximately $3.6 million. As of June 30, 2010, Nile had cash and cash equivalents of approximately $5.6 million compared to approximately $3.2 million as of December 31, 2009.

Update on CD-NPDuring June 2010, Nile completed enrolling a placebo-controlled Phase II study of CD-NP in patients with acute decompensated heart failure ("ADHF") in the United States, Germany and Israel. In total, 77 patients were randomized into four doses of CD-NP (1.25, 2.5, 3.75 and 5 ng/kg/min) vs. placebo. The last patient visit occurred at the end of July and final results from the study are expected in the fourth quarter of 2010. Also in the fourth quarter of 2010, Nile plans to submit to the FDA for review and discussion, the clinical protocol for a double-blind, placebo controlled Phase IIb study of CD-NP in ADHF patients.

About Nile TherapeuticsNile Therapeutics, Inc. is a clinical-stage biopharmaceutical company that develops innovative products for the treatment of cardiovascular disease and other areas of unmet medical needs. Nile is initially focusing its efforts on developing its lead compound, CD-NP, a novel rationally designed chimeric peptide in clinical studies for the treatment of heart failure, and CU-NP, a novel rationally designed natriuretic peptide. More information on Nile can be found at http://www.nilethera.com.

Safe Harbor Paragraph for Forward-Looking Statements: 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 the timing, progress and anticipated results of the clinical development, regulatory processes, clinical trial timelines, expected patient enrollment, anticipated benefits of CD-NP, Nile's strategy, future operations, outlook, milestones, the timing and success of Nile's product development, future financial position, future financial results, plans and objectives of management are forward-looking statements. Nile may not actually achieve these plans, intentions or expectations and Nile cautions investors not to place undue reliance on Nile's forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements Nile makes. Various important factors that could cause actual results or events to differ materially from the forward-looking statements that Nile makes include Nile's need to raise additional capital to fund its product development programs to completion, Nile's reliance on third-party researchers to develop its product candidates, and its lack of experience in developing and commercializing pharmaceutical products. Additional risks are described in greater detail in the reports Nile files with Securities and Exchange Commission, including those described under the caption "Risk Factors" in Item 1A of its Annual Report on Form 10-K for the year ended December 31, 2009 filed with the Securities and Exchange Commission on March 3, 2010. 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.Condensed Statement of Operations(unaudited)Three months ended June 30,Six months ended June 30,Period fromAugust 1, 2005 (inception)2010200920102009through June 30, 2010Grant income

$
-$
-$
-$
-$
482,235Operating expenses:Research and development

1,055,7591,103,4282,369,1812,428,03224,147,236General and administrative

445,4481,397,6891,068,6501,860,15713,065,412Total operating expenses

1,501,2072,501,1173,437,8314,288,18937,212,648Loss from operations

(1,501,207)(2,501,117)(3,437,831)(4,288,189)(36,730,413)Other income (expense):Interest income

6,7265,88611,57220,573779,154Interest expense

----(1,273,734)Other expense

(40)(4,859)(82)(11,282)(100,051)Total other income (expense)

6,6861,02711,4909,291(594,631)Net loss

$
(1,494,521)$
(2,500,090)$
(3,426,341)$
(4,278,898)$
(37,325,044)Basic and diluted loss per share

$
(0.05)$
(0.10)$
(0.12)$
(0.18)Weighted-average common shares outstanding

32,285,82424,149,40529,700,18924,149,405Summary Balance Sheet Data(in thousands)June 30, 2010

December 31, 2009(unaudited)Cash and cash equivalents

$
5,563

$
3,176Total assets

$
5,872

$
3,620Stockholders' equity

$
4,723

$
2,982
'/>"/>

SOURCE Nile Therapeutics, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Vicus Therapeutics to Present at the 234th American Chemical Society National Meeting in Boston, MA
2. Allos Therapeutics Initiates Study of PDX in Patients with Cutaneous T-Cell Lymphoma
3. Amicus Therapeutics Announces Second Quarter 2007 Financial Results
4. TorreyPines Therapeutics Completes Patient Enrollment in Phase IIb Clinical Trial of Tezampanel for the Treatment of Acute Migraine Headache
5. CV Therapeutics Announces Eight Abstracts Accepted for Presentation at the European Society of Cardiology Congress 2007
6. Pharmacopeia Assists the World Health Organization in the Discovery of Novel Therapeutics for the Treatment of Malaria
7. Protalix BioTherapeutics Treats First Patient in Phase III Clinical Trial of prGCD
8. TorreyPines Therapeutics Initiates a Phase I Multiple Dose Clinical Trial of Tezampanel
9. TorreyPines Therapeutics Completes Phase I Multiple Dose Clinical Trial of NGX267, a Selective M1 Agonist for the Potential Treatment of Cognitive Impairment Associated with Schizophrenia
10. Cell Therapeutics, Inc. (CTI) Launches Phase III Study for Pixantrone in Relapsed Indolent Non-Hodgkins Lymphoma (NHL)
11. Cell Therapeutics, Inc. (CTI) Sponsors Panel Discussion on Women and Lung Cancer on Capitol Hill
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/20/2017)... , April 20, 2017  Zimmer Biomet Holdings, ... musculoskeletal healthcare, today announced that it will be participating ... Conference at the InterContinental Hotel in Boston, ... Biomet will present at 11:20 a.m. Eastern Time. ... accessed via Zimmer Biomet,s Investor Relations website at ...
(Date:4/20/2017)... 20, 2017  CVS Pharmacy, the retail division ... new store design to enhance the retail customer ... health-focused products and expanded beauty selections paired with ... discover new offerings. Together with its innovative digital ... the customer experience at CVS Pharmacy.  ...
(Date:4/20/2017)... 2017 Eyevensys, a private biotechnology ... gene expression technology that enables the safe, local, sustained ... a wide range of ophthalmic diseases, announces it has ... Regulatory Agency (MHRA) to advance its technology into clinical ... The ...
Breaking Medicine Technology:
(Date:4/28/2017)... ... April 28, 2017 , ... Researchers at Moffitt ... ActiGraph’s CentrePoint Data Hub in a sample of participants enrolled in an ... and sleep monitoring solutions for the global scientific community. The company’s new CentrePoint ...
(Date:4/28/2017)... (PRWEB) , ... April 28, 2017 , ... Rob Lowe ... and now he has leant his presence to an educational purpose as the host ... one important one being cancer. In a recent episode, the series focuses on thyroid ...
(Date:4/27/2017)... ... April 27, 2017 , ... Healthcare companies are trying to ... rapidly reject an outdated healthcare executive resume. , “If you’re a healthcare executive open ... resume and wondering if it’s as ready as you are for a new job ...
(Date:4/27/2017)... ... ... Goodcents Deli Fresh Subs announced a franchise expansion agreement today including three ... The first new location will open at the corner of 27th and Randolph in ... Drive this fall. And the third location is in the process of being identified. ...
(Date:4/26/2017)... ... April 26, 2017 , ... Intalere, the healthcare ... podcast, “Make Plans for MACRA,” highlighting the impact of the Medicare ... and how physicians and other clinicians are reimbursed for the care they deliver ...
Breaking Medicine News(10 mins):