Nile Therapeutics third quarter net loss decreases to $1.1 million

Nile Therapeutics, Inc. (OTCQB: NLTX), a biopharmaceutical company that develops novel therapeutics for heart failure patients, today announced its third quarter financial results for 2011.

Financial Results

For third quarter of 2011, Nile reported research and development collaboration income relating to its cenderitide program of approximately $0.8 million, as compared to none in the third quarter of 2010. The net loss for the third quarter of 2011 was approximately $1.1 million, or $0.03 per share, compared to a net loss of approximately $1.8 million, or $0.05 per share, during the third quarter of 2010. Weighted-average shares outstanding for the third quarter of 2011 were 39.7 million.

Net cash used in operating activities in the third quarter of 2011 was approximately $0.7 million. As of September 30, 2011, Nile had cash and cash equivalents of approximately $2.6 million compared to approximately $3.4 million as of December 31, 2010.

Update on Cenderitide

In October 2011, Nile completed patient dosing of an open-label Phase I clinical trial evaluating pharmacokinetics (PK), pharmacodynamics (PD), safety and tolerability of subcutaneous bolus and subcutaneous infusion of cenderitide in patients with chronic heart failure. The trial was an important step towards developing cenderitide as a 90-day outpatient treatment for heart failure patients following admission for acutely decompensated heart failure (ADHF), referred to as the "post-acute" treatment period.

The Phase I clinical trial was designed to evaluate the required dosage to achieve pre-determined plasma levels of cenderitide when delivered through a subcutaneous infusion pump. In Part A of the trial, 12 patients received two subcutaneous bolus injections of cenderitide.  In Part B of the trial, 34 patients received a 24-hour continuous subcutaneous infusion of either of two fixed doses of cenderitide or placebo. In Part C, 12 patients received a 24-hour continuous subcutaneous infusion of either a weight-based dose of cenderitide, or placebo. All infusions were delivered through Medtronic, Inc.'s subcutaneous pump technology. Nile plans to announce top-line data from the clinical trial in November 2011, and intends to present the complete data at an upcoming scientific conference.