SAN MATEO, Calif., Aug. 16 /PRNewswire-FirstCall/ — Nile
Therapeutics, Inc. (Nasdaq:
NLTX), a company focused on the development of novel
therapeutics for heart failure patients, today announced its second
quarter financial results for 2010.

Financial ResultsFor the three months ended June 30, 2010,
Nile reported a net loss of approximately $1.5 million, or $0.05
per share, compared to a net loss of approximately $2.5 million, or
$0.10 per share, during the second quarter of 2009.
Weighted-average shares outstanding for the second quarter were
32.3 million.

Net cash used in operating activities in the second quarter
of 2010 was approximately $1.0 million; net cash provided by
financing activities was approximately $4.5 million; and net cash
increase in the second quarter of 2010 was approximately $3.6
million. As of June 30, 2010, Nile had cash and cash equivalents of
approximately $5.6 million compared to approximately $3.2 million
as of December 31, 2009.

Update on CD-NPDuring June 2010, Nile completed enrolling a
placebo-controlled Phase II study of CD-NP in patients with acute
decompensated heart failure (“ADHF”) in the United States, Germany
and Israel. In total, 77 patients were randomized into four doses
of CD-NP (1.25, 2.5, 3.75 and 5 ng/kg/min) vs. placebo. The last
patient visit occurred at the end of July and final results from
the study are expected in the fourth quarter of 2010. Also in the
fourth quarter of 2010, Nile plans to submit to the FDA for review
and discussion, the clinical protocol for a double-blind, placebo
controlled Phase IIb study of CD-NP in ADHF patients.

About Nile TherapeuticsNile 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 developin

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