July 17, 2009 (FinancialWire) — Nile Therapeutics, Inc. (NASDAQ: NLTX) (Current Market Cap: US$ 36.22 Mil.) said it has completed a private placement of shares of its common stock and warrants to purchase additional common stock for gross proceeds of around $3.4 million.

Company CEO Joshua Kazam said he believes the financing, “will provide us with sufficient capital” to complete Phase 2 clinical study of its CD-NP compound in acute heart failure patients with mild to moderate renal insufficiency.

San Francisco-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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