SAN MATEO, Calif., March 2, 2011 /PRNewswire/ — Nile
Therapeutics, Inc. (Nasdaq:
NLTX), a company focused on the development of novel
therapeutics for heart failure patients, today announced that, on
March 1, 2011, the Company received a positive determination from
the NASDAQ Listing Qualifications Panel (the “Panel”) indicating
that the Panel had granted the Company’s request for an extension
to remain listed on The NASDAQ Stock Market (“NASDAQ”).  In
accordance with the terms of the Panel’s decision, the Company’s
continued listing on NASDAQ is subject to the Company evidencing
compliance with NASDAQ’s minimum $1.00 bid price requirement, as
set forth in Listing Rule 5550(a)(2), by May 31, 2011.  The
Company may evidence compliance with the bid price requirement by
evidencing a closing bid price of at least $1.00 per share for a
minimum of ten consecutive business days by May 31, 2011.
 

As previously disclosed, on November 30, 2010, the Company was
notified by NASDAQ that its securities were subject to delisting
based upon the Company’s failure to satisfy the minimum bid price
requirement.  The Company subsequently attended a hearing
before the Panel at which it presented its plan to regain
compliance with the minimum bid price requirement by May 31, 2011.
 May 31, 2011 constitutes the full extent of the Panel’s
discretion to grant the Company an extension to remedy the bid
price deficiency.  While the Company is working to timely
satisfy the terms of the Panel’s decision, there can be no
assurance that it will be able to do so.  

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,
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