 | 
 | |
November 12, 2009
Nile Therapeutics Reports 2009 Third Quarter Financial Results
SAN MATEO, CA, November 12, 2009 -- Nile Therapeutics, Inc. (NASDAQ: NLTX),
a company focused on the development of novel therapeutics for heart failure patients,
today announced its third quarter financial results for 2009.
Financial Results
For the three months ended September, 30 2009, Nile reported a net loss of
approximately $2.0 million, or $0.08 per share, compared to a net loss of approximately
$3.3 million, or $0.14 per share, during the third quarter of 2008. Weighted-average
shares outstanding for the quarter were 26.5 million.
Net cash used in operating activities in the third quarter of 2009 was $1.0 million. As of
September 30, 2009, Nile had cash and cash equivalents of approximately $4.2 million
compared to approximately $5.5 million as of December 31, 2008.
Update on CD-NP
In August 2009, Nile completed dosing of the first patient in a single-blind, placebocontrolled
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 announce results of the study in first
half of 2010.
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 needs. Nile is initially focusing its efforts on developing its lead compound, CDNP,
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.
Contact:
Daron Evans
Chief Financial Officer
Nile Therapeutics, Inc.
+1-650-458-2670
info@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, 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 forwardlooking
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, 2008
filed with the Securities and Exchange Commission on March 12, 2009 and amended on April 23,
2009. 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.
Download PDF
| |
|
