Nile Therapeutics Reports 2012 Second Quarter Financial Results
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.
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