SAN FRANCISCO, Aug. 14 /PRNewswire-FirstCall/ -- Nile Therapeutics, Inc. , 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.
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 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 of our Annual Report on Form 10-KSB, which was 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.
CONTACT: Daron Evans, Chief Financial Officer of Nile Therapeutics, Inc.,
+1-415-875-7880, info@nilethera.com
Web site: http://www.nilethera.com/
