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| 8-K - CAPRICOR THERAPEUTICS, INC. | v204647_8k.htm |
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Exhibit
99.1
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PRESS RELEASE
December
3, 2010
Nile
Therapeutics Receives Nasdaq Notice; Will Request Hearing
SAN MATEO, CA, December 3,
2010 -- Nile Therapeutics, Inc. (NASDAQ: NLTX), a company focused on the
development of novel therapeutics for heart failure patients, today announced
that, as anticipated, on November 30, 2010, the Company received a letter from
the Listing Qualifications Staff (the “Staff”) of The NASDAQ Stock Market (the
“Staff Determination”) notifying the Company that, based on its failure to
regain compliance with the $1.00 minimum bid price requirement, as set forth in
NASDAQ Listing Rule 5550(a)(2), the Company’s common stock would be subject to
delisting from The NASDAQ Capital Market unless the Company requests a hearing
before the NASDAQ Listing Qualifications Panel (the “Panel”).
The
Company intends to request a hearing before the Panel, which will stay any
action with respect to the Staff Determination until the Panel renders a
decision subsequent to the hearing. There can be no assurance that
following the hearing the Panel will grant the Company’s request for continued
listing on The NASDAQ Capital Market.
The Staff
Determination follows a notification from the Staff dated June 1, 2010, which
was disclosed by the Company on June 4, 2010, indicating that the minimum bid
price of the Company’s common stock had been below $1.00 per share for 30
consecutive business days and that the Company had 180 calendar days, or until
November 29, 2010, to regain compliance with the minimum bid price
requirement.
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, 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. More information on Nile can be found at
http://www.nilethera.com.
Contact:
Daron
Evans
Chief
Financial Officer
Nile
Therapeutics, Inc.
+1-650-458-2670
info@nilethera.com
Safe
Harbor Paragraph for Forward-Looking Statements: This press release
contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 that involve substantial risks and uncertainties.
All statements, other than statements of historical facts, included in this
press release regarding Nile’s ability to remain listed on the Nasdaq Capital
Market, or the timing,
progress and anticipated results of the clinical development, regulatory
processes, clinical trial timelines, expected patient enrollment, anticipated
benefits of CD-NP, Nile’s strategy, future
operations, outlook, milestones, the timing and success of Nile's product
development, future financial position, future financial results, plans and
objectives of management are forward-looking statements. Nile may not actually
achieve these plans, intentions or expectations and Nile cautions investors not
to place undue reliance on Nile’s forward-looking statements. Actual results or
events could differ materially from the plans, intentions and expectations
disclosed in the forward-looking statements Nile makes. Various important
factors that could cause actual results or events to differ materially from the
forward-looking statements that Nile makes include Nile’s need to raise additional capital
to fund its product development programs to completion, Nile’s reliance on
third-party researchers to develop its product candidates, and its lack of
experience in developing and commercializing pharmaceutical products. Additional
risks are
described in greater detail in the reports Nile files with Securities and
Exchange Commission, including those described under the caption "Risk Factors"
in Item 1A of its Annual Report on Form 10-K for the year ended December 31,
2009 filed with the Securities and Exchange Commission on March 3, 2010. Nile is
providing this information as of the date of this press release and does not
undertake any obligation to update any forward-looking statements as a result of
new information, future events or otherwise.