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August 14, 2008
Nile Therapeutics, Inc. Reports 2008 Second Quarter Financial Results
SAN FRANCISCO, August 14 -- Nile Therapeutics, Inc.
(Nasdaq: NLTX), today announced financial results for the three and six months
ended June 30, 2008.
Net operating loss for the three months ended June 30, 2008 was
$3.8 million or $0.16 per share compared to $1.5 million or $0.11 per share,
for the same period of 2007. Net operating loss for the six months ended June
30, 2008 totaled $6.8 million or $0.28 per share compared to $2.2 million or
$0.16 for the same period of 2007. Weighted average shares outstanding for the
three months ended June 30, 2008 and 2007 were 24.1 million and 13.8 million,
respectively. For the six months ended June 30, 2008 and 2007, weighted
average shares outstanding were 24.1 million and 13.8 million, respectively.
Nile reported no revenue for the three and six months ended June 30, 2008
and 2007, respectively. Research and development expenses were $2.9 million
for the three months ended June 30, 2008 compared to $0.9 million for the
comparable period of 2007. For the six months ended June 30, 2008, research
and development expenses totaled $4.9 million compared with $1.4 million for
the same period of 2007. General and administrative expenses were $1.0 million
for the three months ended June 30, 2008 compared to $0.6 million for the
comparable period of 2007. For the six months ended June 30, 2008, general and
administrative expenses totaled $2.2 million compared with $0.7 million for
the same period of 2007.
At June 30, 2008, Nile had cash and cash equivalents of $10.3 million
compared to $16.2 million on December 31, 2007. This $5.9 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 rationally designed chimeric
peptide in clinical studies for the treatment of heart failure; 2NTX-99, a
small molecule, pre-clinical, anti-atherothrombotic agent with nitric oxide
donating properties; and CU-NP, a novel rationally designed natriuretic
peptide. 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 www.nilethera.com.
Contact:
Daron Evans
Chief Financial Officer
Nile Therapeutics, Inc.
+1-415-875-7880
info@nilethera.com
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 our strategy, future operations, outlook, milestones, the success of Nile's product development, future financial position, future financial results, plans and objectives of management are forward-looking statements. We may not actually achieve these plans, intentions or expectations and Nile cautions investors not to place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Various important factors that could cause actual results or events to differ materially from the forward-looking statements that we make are described in greater detail in the reports we file with Securities and Exchange Commission, including the "Risk Factors" section in Item 1 of the Form 10-KSB we filed with the Securities and Exchange Commission on March 27, 2008. 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.
Nile Therapeutics, Inc.
(A Development Stage Company)
Condensed Statement of Operations
(unaudited) |
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|
2008 |
2007 |
2008 |
2007 |
| Grant income |
$- |
$- |
$- |
$- |
| Operating expenses |
|
|
|
|
|
Research and development |
2,888,654 |
863,029 |
4,866,838 |
1,421,277 |
|
General and administrative |
960,164 |
564,816 |
2,158,503 |
721,496 |
|
Total operating expenses |
3,848,818 |
1,427,845 |
7,025,341 |
2,142,773 |
| Loss from operations |
(3,848,818) |
(1,427,845) |
(7,025,341) |
(2,142,773) |
|
Interest income |
82,848 |
7,274 |
232,284 |
23,962 |
|
Interest expense |
- |
(59,836) |
(137) |
(119,014) |
|
Other expense |
(11,131) |
- |
(42,843) |
- |
|
Total other income (expense) |
71,717 |
(52,562) |
189,304 |
(95,052) |
| Net loss |
$(3,777,101) |
$(1,480,407) |
$(6,836,037) |
$(2,237,825) |
| Basic and diluted loss per share |
(0.16) |
(0.11) |
(0.28) |
(0.16) |
| Weighted average common shares outstanding |
24,106,341 |
13,794,132 |
24,103,010 |
13,794,132 |
Summary Balance Sheet Data |
|
June 30, 2008
(unaudited)
|
December 31,
2007
|
| Cash & cash equivalents |
$10,347,757 |
$16,233,464 |
| Total assets |
$11,189,610 |
$17,089,328 |
| Stockholder equity |
$10,190,068 |
$15,199,932 |
|
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