Nile Therapeutics completes sale of $450,000 of 0% convertible notes

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

By Devika Patel

Knoxville, Tenn., March 22 - Nile Therapeutics, Inc. sold $450,000 private placement of 0% secured convertible promissory notes on March 15, according to an 8-K filed Friday with the Securities and Exchange Commission. The notes were sold for $382,500, for a 15% original issue discount.

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:	$450,000
Maturity:	March 15, 2014
Coupon:	0%
Price:	$382,500 (15% original issue discount)
Call:	Yes
Warrants:	Yes
Warrant expiration:	Five years
Fees:	$10,000
Settlement date:	March 15
Stock symbol:	OTCBB: NLTX
Stock price:	$0.11 at close March 14
Market capitalization:	$4.2 million

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