CAPRICOR THERAPEUTICS, INC. — Director's Dealing 2010

Feb 17, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Nile Therapeutics, Inc. (NLTX)
CIK: 0001133869
Period of Report: 2010-02-15

Reporting Person: Lieu Hsiao (VP, Clinical Research)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-02-15	Stock Option (Right to Buy)	$1.14	A	63750	Acquired	2019-07-07	Common Stock (101250)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	100	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$4.45	2019-01-16	Common Stock (21623)	21623	Direct
Stock Option (Right to Buy)	$4.45	2018-03-10	Common Stock (200000)	200000	Direct
Stock Option (Right to Buy)	$.88	2019-01-16	Common Stock (31003)	31003	Direct

Footnotes

F1: On July 7, 2009, the Reporting Person was granted an option to purchase up to 150,000 shares of common stock of the Issuer, 37,500 of which were immediately exercisable. 75,000 of the shares subject to the option are based on the achievement of certain performance milestones (or a pro rata portion thereof for a five-month period of such milestones) following the date of grant. On February 15, 2010, the Reporting Person's right to purchase 63,750 shares of such 75,000-share installment vested based on the achievement of such milestones; the remaining 11,250 shares of such installment were forfeited. Vesting of the final 37,500 shares of the total grant are subject to certain other performance milestones (or a pro rata portion thereof), which have not yet been achieved.

F2: Exercisable as to 50,000 shares on 3/10/2009 and as to 4,167 shares each month thereafter for 36 months.