-- Initiation of a program to evaluate RDEA119 in inflammatory diseases;
-- Assessing a next-generation MEK inhibitor from our follow-on program in
a first-in-human micro-dosing study.
On September 30, 2007, Ardea had a total of $35.6 million in cash, cash equivalents and short-term investments. Based on current projections, the Company expects cash, cash equivalents, and short-term investments on December 31, 2007 to be approximately $28 million. The Company expects its current cash resources to fund operations through 2008. These projections exclude the potential impact of any future business development or financing activity.
Approximately 11.8 million common equivalent shares were issued and outstanding on September 30, 2007, including 1.6 million common shares underlying outstanding convertible preferred stock.
About Ardea Biosciences, Inc.
Ardea Biosciences is focused on the discovery and development of small-molecule therapeutics for the treatment of viral diseases, cancer and inflammatory diseases. The Company plans to initiate clinical studies on four compounds this year. These include RDEA806, the Company's lead non-nucleoside reverse transcriptase inhibitor (NNRTI) for the treatment of HIV, which recently completed Phase 1 clinical trials, RDEA119, a mitogen-activated ERK kinase (MEK) inhibitor for the treatment of cancer and inflammatory diseases, which has been cleared by the FDA to enter Phase 1 clinical trials, and a follow-on NNRTI and a follow-on MEK inhibitor, both of which are scheduled to enter first-in-human studies in the fourth quarter of 2007.
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 for
|SOURCE Ardea Biosciences, Inc.|
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