Ardea Biosciences Announces $30.6 Million Private Placement
December 18 2008 - 8:30AM
Business Wire
Ardea Biosciences, Inc. (Nasdaq: RDEA) announced today that it has
entered into a securities purchase agreement with certain
institutional investors to raise approximately $30.6 million from
the private placement of 2,737,336 newly issued shares of its
common stock and warrants to purchase 684,332 shares of common
stock at a total purchase price of approximately $11.17 per unit,
with each unit consisting of one share of common stock and one
warrant to purchase 0.25 shares of common stock. The warrants are
first exercisable on the date 180 days after closing at $11.14 per
share and will expire five years from the date of grant. Subject to
the satisfaction of customary closing conditions, the financing is
expected to close on or about December�19, 2008. The securities to
be sold in the private placement have not been registered under the
Securities Act of 1933, as amended, or state securities laws and
may not be offered or sold in the United States absent registration
with the Securities and Exchange Commission (SEC) or an applicable
exemption from the registration requirements. The securities were
offered and will be sold only to a limited number of accredited
investors. Ardea has agreed to file a registration statement with
the SEC covering the resale of the shares of common stock issued in
the private placement and issuable upon exercise of the warrants.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy Ardea�s common stock. About Ardea
Biosciences, Inc. Ardea Biosciences, Inc., of San Diego,
California, is a biotechnology company focused on the discovery and
development of small-molecule therapeutics for the treatment of
HIV, gout, cancer and inflammatory diseases. We have five product
candidates in clinical trials and others in preclinical development
and discovery. Our most advanced product candidate is RDEA806, a
non-nucleoside reverse transcriptase inhibitor (NNRTI), which has
successfully completed a Phase 2a study for the treatment of
patients with HIV. We have evaluated our second-generation NNRTI
for the treatment of HIV, RDEA427, in a human micro-dose
pharmacokinetic study and have selected it for clinical development
based on a plasma half-life of greater than 40 hours. RDEA594, our
lead product candidate for the treatment of hyperuricemia and gout,
is being evaluated in a Phase 1 clinical trial. We are evaluating
our lead MEK inhibitor, RDEA119, in a Phase 1/2 study in
combination with sorafenib (Nexavar�, Onyx Pharmaceuticals, Bayer
HealthCare) and as a single agent in a Phase 1 study, both in
advanced cancer patients, and have completed a Phase 1 study in
normal healthy volunteers as a precursor to trials in patients with
inflammatory diseases. Lastly, we have evaluated our
second-generation MEK inhibitor for the treatment of cancer and
inflammatory diseases, RDEA436, in a human micro-dose
pharmacokinetic study and have selected it for clinical
development. Statements contained in this press release regarding
matters that are not historical facts are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Because such statements are subject to risks
and uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. Such
statements include, but are not limited to, statements regarding
the private placement, the expected closing of the private
placement, our plans and goals, the expected properties and
benefits of RDEA806, RDEA427, RDEA594, RDEA119, RDEA436 and our
other compounds, the timing and results of our preclinical,
clinical and other studies and our financial performance. Risks
that contribute to the uncertain nature of the forward-looking
statements include risks related to the outcome of preclinical and
clinical studies, risks related to regulatory approvals, delays in
commencement of preclinical and clinical studies, costs associated
with our drug discovery and development programs, risks related to
our ability to successfully close the private placement and risks
related to the outcome of our business development activities.
These and other risks and uncertainties are described more fully in
our most recently filed SEC documents, including our Annual Report
on Form 10-K and our Quarterly Reports on Form 10-Q, under the
headings "Risk Factors." All forward-looking statements contained
in this press release speak only as of the date on which they were
made. We undertake no obligation to update such statements to
reflect events that occur or circumstances that exist after the
date on which they were made.
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