Nile Therapeutics reports net loss of $1.9M for first-quarter 2010

Nile Therapeutics, Inc. (Nasdaq: NLTX), a company focused on the development of novel therapeutics for heart failure patients, today announced its first quarter financial results for 2010.

Financial Results

For the three months ended March 31, 2010, Nile reported a net loss of approximately $1.9 million, or $0.07 per share, compared to a net loss of approximately $1.8 million, or $0.07 per share, during the first quarter of 2009. Weighted-average shares outstanding for the quarter were 27.1 million.

Net cash used in operating activities in the first quarter of 2010 was $1.2 million. As of March 31, 2010, Nile had cash and cash equivalents of approximately $2.0 million compared to approximately $3.2 million as of December 31, 2009.

As previously announced, following the completion of the quarter ended March 31, 2010, Nile completed an underwritten public offering of 7,475,000 units of its securities resulting in total net proceeds of $4.5 million after deducting underwriting discounts and offering expenses. Each unit consisted of one share of common stock and 0.30 warrants to purchase common stock.

Update on CD-NP

Nile is currently enrolling a placebo-controlled Phase II study of CD-NP in patients with acute decompensated heart failure in the United States, Germany and Israel. Nile has reached the maximum tolerated dose and identified two doses that appear to have an attractive safety and activity profile in this population of acute heart failure patients. As of May 13, 2010, Nile had dosed 60 of approximately 75 patients anticipated for inclusion in the Phase II study.  Top line data is expected by the end of the third quarter, with full data expected by the end of the year.