Quantcast
Last updated on April 17, 2014 at 15:50 EDT

Nile Therapeutics Reports 2012 Second Quarter Financial Results

August 14, 2012

SAN FRANCISCO, Aug. 14, 2012 /PRNewswire/ — Nile Therapeutics, Inc. (OTCQB: NLTX.PK), a biopharmaceutical company that develops novel therapeutics for heart failure patients, today announced its second quarter financial results for 2012.

For the second quarter of 2012, Nile reported a net operating loss of $0.3 million, or $0.01 per share, compared to a net loss of approximately $0.9 million, or $0.03 per share during the second quarter of 2011. Weighted-average shares outstanding for the quarter were 43 million.

Net cash used in operating activities in the second quarter of 2012 was approximately $0.9 million. As of June 30, 2012, Nile had cash and cash equivalents of $0.8 million compared to $1.0 million as of December 31, 2011.

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, cenderitide, a novel rationally designed chimeric peptide in clinical studies for the treatment of heart failure. 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 Nile’s plans to develop cenderitide in the post-acute setting and the anticipated benefits of cenderitide for patients in the post-acute setting 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 immediate need to raise additional capital to fund its general corporate activities and its need to raise substantial additional capital to fund its planned Phase 2 study of cenderitide and to otherwise 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, 2011 filed with the Securities and Exchange Commission on April 2, 2012. 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

                                Three months ended June 30,                   Six months ended June 30,
                                ---------------------------                   -------------------------
                                                          2012                                         2011           2012           2011
                                                          ----                                         ----           ----           ----
    Income:
                Grant income                  $              -                             $              -  $           -  $           -
                 Collaboration
                 income                                      -                                      346,000        195,500        346,000
                                                           ---

                Total income                                 -                                      346,000        195,500        346,000
                                                           ---

    Operating expenses:
                 Research and
                 development                           332,450                                      702,930        797,803      1,325,262
                 General and
                 administrative                        441,970                                      523,305        941,990      1,098,583
                                                       -------

                 Total
                 operating
                 expenses                              774,420                                    1,226,235      1,739,793      2,423,845
                                                       -------

                 Loss from
                 operations                           (774,420)                                    (880,235)    (1,544,293)    (2,077,845)

    Other income (expense):
                 Interest
                 income                                    596                                        1,046            840          3,032
                 Interest
                 expense                                     -                                            -              -              -
                 Other income
                 (expense)                             420,890                                       (1,341)       418,640         (1,509)
                                                       -------

                 Total other
                 income
                 (expense)                             421,486                                         (295)       419,480          1,523
                                                       -------

    Net loss                                         $(352,934)                                   $(880,530)   $(1,124,813)   $(2,076,322)
                                                     =========                                    =========    ===========    ===========

    Basic and diluted loss per
     share                                              $(0.01)                                      $(0.03)        $(0.03)        $(0.06)
                                                        ======                                       ======         ======         ======

    Weighted-average common
     shares outstanding                             42,951,791                                   35,091,653     41,332,011     34,882,947
                                                    ==========                                   ==========     ==========     ==========

                                             Summary Balance Sheet
                                             ---------------------
                                                (in thousands)
                                                 -------------

                              June 30,  2012                       December 31, 2011
                              --------------                       -----------------
    Cash and cash equivalents                         $777                           $1,039
    Working Capital                                   $675                             $769
    Stockholders' equity                              $542                             $831

SOURCE Nile Therapeutics, Inc.


Source: PR Newswire