Nile Therapeutics wraps $120,510 of $570,510 0% convertible note sale

Secured notes sold at a 15% discount with five-year warrant coverage

By Devika Patel

Knoxville, Tenn., Oct. 25 - Nile Therapeutics, Inc. sold $120,510 of 0% secured convertible promissory notes for $102,433 in a private placement on Oct. 21, according to an 8-K filed Friday with the Securities and Exchange Commission. The company sold $450,000 of the notes for $382,500, for a 15% original issue discount, on March 15.

The notes were sold with five-year warrant coverage. The notes may be prepaid and are due March 15, 2014.

San Francisco-based Nile is a biopharmaceutical company.

Issuer:	Nile Therapeutics, Inc.
Issue:	Secured convertible promissory notes
Amount:	$570,510
Maturity:	March 15, 2014
Coupon:	0%
Price:	$484,933
Call:	Yes
Warrants:	Yes
Warrant expiration:	Five years
Fees:	$10,000
Settlement dates:	March 15 (for $450,000), Oct. 21 (for $120,510)
Stock symbol:	OTCBB: NLTX
Stock price:	$0.11 at close March 14
Market capitalization:	$2.65 million

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