Monday, November 5, 2012

Nile Therapeutics CEO takes 99.6% cut in pay -- but maybe not for long

Nile CEO Dr. Darlene Horton.
Dr. Darlene Horton is taking one in the pocket book for the Nile Therapeutics Inc. team -- at least for the next few weeks.
Horton, who in August was given a monthly salary of $28,314 as she was named CEO of the tiny San Mateo heart drug developer, will take a pay cut to $100 a month until Nile completes an interim financing deal.
But there's a greater incentive than just pay for performance here -- more like pay for survival. Nile (OTC: NLTX) said in a Securities and Exchange Commission filing Monday that it has enough cash to last through only the end of this month.
In other words, the clock is ticking for Horton and Nile.

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