Nile Therapeutics, Inc. (NASDAQ:NLTX), a biopharmaceutical company in the development of novel therapeutics for heart failure patients, announced its fourth quarter and full year financial results for 2009. The company will host a conference call and live webcast to discuss these financial results and provide an update on each of its development programs at 8:30 a.m. EST on March 5, 2010.

Financial Results

For the fourth quarter of 2009, Nile reported a net operating loss of $1.6 million, or $0.06 per share. For the full year, net operating loss was $7.9 million, or $0.31 per share. Weighted-average shares outstanding for the quarter and the year ended December 31, 2008 were 27.0 and 24.5 million, respectively. Nile reported no revenue during the quarter and the year ended December 31, 2009.

As of December 31, 2009, Nile had cash and cash equivalents of $3.2 million compared to $5.5 million as of December 31, 2008. Cash and cash equivalents decreased $2.3 million in the year ended December 31, 2009; $5.8 million was used for operations, and $3.5 million was raised through a private placement of stock and the exercise of stock options and warrants.