SAN DIEGO, Jan. 20, 2011 /PRNewswire/ -- Ardea Biosciences,
Inc. (Nasdaq: RDEA) today announced the pricing of a previously
announced underwritten public offering of 2,750,000 shares of its
common stock, offered at a price to the public of $26.00 per share. The gross proceeds to Ardea
from this offering are expected to be $71,500,000 million, before deducting the
underwriting discount and other estimated offering expenses payable
by Ardea. BofA Merrill Lynch and Jefferies & Company,
Inc. are acting as joint book-running managers for the offering.
JMP Securities, Brean Murray,
Carret & Co. and Roth Capital Partners are acting as
co-managers for the offering. Ardea has granted the
underwriters a 30-day option to purchase at the public offering
price up to an additional 412,500 shares of its common stock to
cover overallotments, if any. The offering is expected to
close on or about January 25, 2011,
subject to customary closing conditions.
Ardea anticipates using the net proceeds from the offering for
general corporate purposes, including clinical trial expenses,
research and development expenses and general and administrative
expenses, including working capital.
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 has been filed with the SEC and is available on the
SEC's website located at http://www.sec.gov. Copies of the
final prospectus supplement and the accompanying prospectus
relating to this offering, when available, 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 and the application of the net
proceeds from the 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 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.