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news.Biopharmaceutical company Nile Therapeutics has completed its merger with SMI Products and its transition to a publicly reporting company. Until Nile receives its new ticker symbol, shares of its common stock will continue to trade under the symbol SPDU.OB.
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On August 15, 2007, Nile, Nile Merger Sub, Inc. and SMI had entered into a merger agreement that called for Nile to acquire Nile Merger Sub, Inc. in a statutory merger, with Nile becoming the wholly-owned subsidiary of SMI. This merger was completed on September 17, 2007. Immediately thereafter, Nile merged with and into SMI, and SMI changed its name to Nile Therapeutics, Inc.
Prior to the completion of the merger, Nile raised approximately $20 million through the private sale of approximately 7 million shares of common stock to new and existing investors. The financing syndicate, which was led by Wexford Capital, also included RIT Capital Partners, Life Science Capital Master Fund, and other select institutional and qualified investors.
Peter Strumph, CEO said: “The successful financing and merger leaves Nile with a strong balance sheet and corporate structure. This infusion of capital is a validation of our management team, our focused clinical development strategy, our pipeline, and the unmet need which exists for the treatment of patients with heart failure.”