Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Belldegrun Arie
   2. Issuer Name and Ticker or Trading Symbol
Nile Therapeutics, Inc. [NLTX] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O NILE THERAPEUTICS, INC., 4 WEST 4TH AVENUE, SUITE 400		 3. Date of Earliest Transaction (Month/Day/Year)
07/26/2010
(Street)

SAN MATEO, CA 94402		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock               76,935 I Leumi Overseas Trust Corp. Ltd. as TTEE of the BTL Trust (1)
Common Stock               64,800 I Belldegrun Family Trust (2)
Common Stock               243,200 I Arie S. Belldegrun M.D. Inc. Profit Sharing Plan (3)
Common Stock               292,000 I Leumi Overseas Trust Corp. Ltd. as TTEE of the Tampere Trust (4)
Common Stock               34,485 I Bellco Capital, LLC (5)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) $ 1.46               (6) 09/24/2019 Common Stock 130,000   130,000 D  
Stock Option (Right to Buy) $ 0.37 07/26/2010   A   80,000   07/26/2011 07/26/2020 Common Stock 80,000 $ 0 80,000 D  
Warrant (Right to Buy) $ 2.71             09/11/2007 09/11/2012 Common Stock 4,210   4,210 I Leumi Overseas Trust Corp. Ltd. as TTEE of the BTL Trust (1)
Warrant (Right to Buy) $ 1.25             07/07/2009 07/07/2014 Common Stock 16,200   16,200 I Belldegrun Family Trust (2)
Warrant (Right to Buy) $ 1.71             07/07/2009 07/07/2014 Common Stock 16,200   16,200 I Belldegrun Family Trust (2)
Warrant (Right to Buy) $ 2.28             07/07/2009 07/07/2014 Common Stock 32,400   32,400 I Belldegrun Family Trust (2)
Warrant (Right to Buy) $ 1.25             07/07/2009 07/07/2014 Common Stock 60,800   60,800 I Arie S. Belldegrun M.D. Inc. Profit Sharing Plan (3)
Warrant (Right to Buy) $ 1.71             07/07/2009 07/07/2014 Common Stock 60,800   60,800 I Arie S. Belldegrun M.D. Inc. Profit Sharing Plan (3)
Warrant (Right to Buy) $ 2.28             07/07/2009 07/07/2014 Common Stock 121,600   121,600 I Arie S. Belldegrun M.D. Inc. Profit Sharing Plan (3)
Warrant (Right to Buy) $ 1.25             07/07/2009 07/07/2014 Common Stock 73,000   73,000 I Leumi Overseas Trust Corp. Ltd. as TTEE of the Tampere Trust (4)
Warrant (Right to Buy) $ 1.71             07/07/2009 07/07/2014 Common Stock 73,000   73,000 I Leumi Overseas Trust Corp. Ltd. as TTEE of the Tampere Trust (4)
Warrant (Right to Buy) $ 2.28             07/07/2009 07/07/2014 Common Stock 146,000   146,000 I Leumi Overseas Trust Corp. Ltd. as TTEE of the Tampere Trust (4)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Belldegrun Arie
C/O NILE THERAPEUTICS, INC.
4 WEST 4TH AVENUE, SUITE 400
SAN MATEO, CA 94402		   X      

Signatures

 /s/ Daron Evans as Attorney-in-Fact for Arie S. Belldegrun pursuant to Power of Attorney previously filed.   07/27/2010
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Although the Reporting Person is not a trustee of the BTL Trust, the Reporting Person is a beneficiary of the BTL Trust, and as such may be deemed to be the beneficial owner of the shares and the warrants owned by the BTL Trust. The Reporting Person disclaims beneficial ownership of the shares and warrants except to the extent of his pecuniary interest therein.
(2) The Reporting Person is the Trustee of the family trust that owns the shares and the warrants. The Reporting Person disclaims beneficial ownership of these shares and warrants except to the extent of his pecuniary interest therein.
(3) The Reporting Person is the Trustee of the profit sharing plan that owns the shares and the warrants.
(4) Although the Reporting Person is not a trustee of the Tampere Trust, the Reporting Person is a beneficiary of the Tampere Trust, and as such may be deemed to be the beneficial owner of the shares and the warrants owned by the Tampere Trust. The Reporting Person disclaims beneficial ownership of the shares and warrants except to the extent of his pecuniary interest therein.
(5) The Reporting Person is the co-owner of the limited liability company that owns the shares.
(6) The shares subject to the option vest in three equal installments on September 24, 2011, September 24, 2012, and September 24, 2013.

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