SAN FRANCISCO, May 15, 2012 /PRNewswire/ --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.
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 March 31, | ||||||||
2012 | 2011 | |||||||
Income: | ||||||||
Collaboration income | $ 195,500 | $ - | ||||||
Operating expenses: | ||||||||
Research and development | 465,353 | 622,332 | ||||||
General and administrative | 500,020 | 575,278 | ||||||
Total operating expenses | 965,373 | 1,197,610 | ||||||
Loss from operations | (769,873) | (1,197,610) | ||||||
Other income (expense): | ||||||||
Interest income | 244 | 1,986 | ||||||
Other income (expense) | (2,250) | (168) | ||||||
Total other income (expense) | (2,006) | 1,818 | ||||||
Net loss | $ (771,879) | $ (1,195,792) | ||||||
Basic and diluted loss per share | $ (0.02) | $ (0.03) | ||||||
Weighted-average common shares outstanding | 39,712,231 | 34,673,475 | ||||||
Summary Balance Sheet | |||||||
(in thousands) | |||||||
March 31, 2012 | December 31, 2011 | ||||||
Cash and cash equivalents | $ 436 | $ 1,039 | |||||
Working Capital | $ 171 | $ 769 | |||||
Stockholders' equity | $ 231 | $ 831 | |||||
SOURCE Nile Therapeutics, Inc.
