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Pharma Watch: Nile Therapeutics Prices Offering

April 24, 2010 (FinancialWire) — Nile Therapeutics, Inc. (NASDAQ: NLTX), a company focused on the development of novel therapeutics for heart failure patients, has priced an underwritten public offering of 6.5 million units of its securities at a public offering price of $0.70 per unit.

Maxim Group LLC is acting as the sole book-running manager.

Each unit consists of one share of Nile common stock and 0.30 warrants to purchase common stock. Each warrant has a term of five years and represents the right to purchase one share of common stock at an exercise price of $0.94 per share. The units will immediately separate and the common stock and warrants will be issued separately.

According to Nile, the warrants have been approved for trading on the Nasdaq Capital Market under the symbol "NLTXW" and are scheduled to begin trading on or promptly following April 22. The offering is scheduled to close on or about April 27.

The company said it will use the net proceeds from the sale of the units, which Nile expects to be around $4.0 million, to fund an expansion of its ongoing Phase II clinical trial of CD-NP in acute heart failure patients, and for general corporate purposes and working capital.

California-based Nile Therapeutics is a clinical-stage biopharmaceutical company that develops 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, CD-NP, a novel rationally designed chimeric peptide in clinical studies for the treatment of heart failure, and CU-NP, a novel rationally designed natriuretic peptide.

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