Ardea Biosciences, Inc. Reports Third Quarter 2007 Operating and Financi... ( Recent Accompli...)

Ardea Biosciences, Inc. Reports Third Quarter 2007 Operating and Financial Results

Date:11/14/2007

Recent Accomplishments Include: - Successful completion of Phase 1 studies of novel HIV NNRTI, RDEA806

- Presentation of Phase 1 data on RDEA806 at key infectious disease

conference - Clearance granted by FDA to commence Phase 1 clinical trials in advanced

cancer patients with lead MEK inhibitor, RDEA119 - Presentation of RDEA119 preclinical data at key oncology conference

CARLSBAD, Calif., Nov. 14 /PRNewswire-FirstCall/ -- Ardea Biosciences, Inc. ("Ardea" or the "Company") (Nasdaq: RDEA), a company focused on the discovery and development of small-molecule therapeutics for the treatment of viral diseases, cancer and inflammatory diseases, today reported financial and operating results for the three months and nine months ended September 30, 2007.

Ardea reported a loss applicable to common stockholders of $7.4 million ($0.72 per basic and diluted share) on revenues of $1.1 million for the third quarter of 2007, compared to a profit of $116,000 ($0.01 per share) for the third quarter of 2006. For the nine months ended September 30, 2007, the Company lost $16.2 million ($1.67 per basic and diluted share) on revenues of $2.8 million, compared to a loss of $131,000 ($0.01 per share) for the corresponding nine-month period in 2006. During 2006, the Company had no revenue. The results for the quarter and nine months ended September 30, 2007 include respective non-cash charges of $421,000 ($0.04 per share) and $784,000 ($0.08 per share) for stock compensation expense. The difference between 2007 and 2006 results reflects Ardea's re-start and rebuilding of operations.

"This past quarter proved to be highly productive," said Ba
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Ardea Biosciences, Inc. Reports Third Quarter 2007 Operating and Financi...( Recent Accompli...)