Nile reports net operating loss of $0.8M for first quarter 2012

Nile Therapeutics, Inc. (OTCQB: NLTX), a biopharmaceutical company that develops novel therapeutics for heart failure patients, today announced its first quarter financial results for 2012. 

For the first quarter of 2012, Nile reported a net operating loss of $0.8 million, or $0.02 per share. Weighted-average shares outstanding for the quarter were 39.7 million. Nile reported collaboration income of $0.2 million during the quarter ended March 31, 2012.

As of March 31, 2012, Nile had cash and cash equivalents of $0.4 million compared to $1.0 million as of December 31, 2011. On March 30, 2012, Nile entered into definitive agreements to sell shares of its common stock and warrants in a registered direct offering. Net proceeds of the offering were approximately $1.1 million.