BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Nile Therapeutics, Inc. CEO Takes 99.6% Cut in Pay


11/6/2012 8:10:01 AM

San Francisco Business Times by Ron Leuty, Reporter

Dr. Darlene Horton is taking one in the pocket book for the Nile Therapeutics Inc. -- at least for the next few weeks.

Horton, who in August was given a monthly salary of $28,314 as she was named CEO of the tiny San Mateo heart drug developer, will take a pay cut to $100 a month until Nile completes an interim financing deal.

But there's a greater incentive than just pay for performance here -- more like pay for survival. Nile (OTC: NLTX) said in a Securities and Exchange Commission filing Monday that it has enough cash to last through only the end of this month.

In other words, the clock is ticking for Horton and Nile.

For the sake of the pay-cut deal, "interim financing" is defined as one or more transactions through a financing, strategic transaction or otherwise that by the end of 2013 would raise an aggregate of $1 million or more in gross proceeds.

Nile, which also said Monday that board member Dr. Frank Litvack was resigning immediately, needs the money to complete its clinical programs and fund continued operations. It is developing a drug, called cenderitide, for patients who have exited the hospital after treatment for acute decompensated heart failure.

Horton, who joined the company as chief medical officer in June before becoming president two months later, helped Itero Biopharmaceuticals raise $17 million as she led a development team that licensed a female infertility treatment.

Horton and Chief Financial Officer Daron Evans weren't immediately available to comment.

Nile Chairman Richard Brewer died this summer from multiple myeloma.




   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES