SAN DIEGO, Jan. 19, 2011 /PRNewswire/ -- Ardea Biosciences,
Inc. (Nasdaq: RDEA) today announced that it has commenced an
underwritten public offering of an aggregate of 2,500,000 shares of
its common stock. In connection with this offering, Ardea
plans to grant to the underwriters a 30-day option to purchase up
to an additional 375,000 shares of its common stock to cover
overallotments, if any. BofA Merrill Lynch and Jefferies
& Company, Inc. are acting as joint book-running managers for
the offering. The offering is subject to market conditions,
and there can be no assurance as to whether or when the offering
may be completed, or as to the actual size or terms of the
offering.
The securities described above are being offered by Ardea
pursuant to a shelf registration statement previously filed with
the Securities and Exchange Commission (the "SEC"), which the SEC
declared effective on November 15,
2010. A preliminary prospectus supplement related to
the offering will be filed with the SEC and will be available on
the SEC's website located at http://www.sec.gov. Copies of
the preliminary prospectus supplement and the accompanying
prospectus relating to this offering may be obtained from BofA
Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Prospectus
Department or by e-mail at dg.prospectus_requests@baml.com, or from
Equity Syndicate Prospectus Department, Jefferies & Company,
Inc., 520 Madison Avenue, 12th Floor, New
York, NY, 10022, at 877-547-6340, or
at Prospectus_Department@Jefferies.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Ardea Biosciences, Inc.
Ardea Biosciences, Inc., of San Diego,
California, is a biotechnology company focused on the
development of small-molecule therapeutics for the treatment of
serious diseases.
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
Ardea's expectations with respect to the completion, timing and
size of its proposed public offering. Risks that contribute to the
uncertain nature of the forward-looking statements include, among
others, risks associated with market conditions and the
satisfaction of customary closing conditions related to the
proposed offering, as well as 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, and risks related to the outcome of our business
development activities, including collaboration or license
agreements. These and other risks and uncertainties are described
more fully under the headings "Risk Factors" in our most recently
filed SEC documents, including our Annual Report on Form 10-K and
our Quarterly Reports on Form 10-Q, as well as in the preliminary
prospectus supplement related to the proposed public offering to be
filed with the SEC. All forward-looking statements contained in
this press release speak only as of the date on which they were
made. Ardea undertakes 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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SOURCE Ardea Biosciences, Inc.