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Nile Therapeutics, Inc. Completes $3.4 Million Private Placement
Date:7/16/2009

SAN FRANCISCO, July 16 /PRNewswire-FirstCall/ -- Nile Therapeutics, Inc. (Nasdaq: NLTX), a company focused on the development of novel therapeutics for heart failure patients, today announced that it has completed a private placement of shares of its common stock and warrants to purchase additional common stock for aggregate gross proceeds of approximately $3.4 million. Riverbank Capital Inc., a FINRA member broker dealer acted as the exclusive placement agent for the transaction.

"We are extremely pleased to have the completed this financing," said Joshua Kazam, Chief Executive Officer, "which we believe will provide us with sufficient capital to complete our Phase 2 clinical study of CD-NP in acute heart failure patients with mild to moderate renal insufficiency."

The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration under such act and applicable state securities laws or an applicable exemption from those registration requirements. Nile has agreed to file a registration statement covering the resale of the shares issued in the private placement, including the shares issuable upon exercise of the warrants. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

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 o
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