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Ardea Biosciences Announces $40 Million Private Placement
Date:12/20/2007

CARLSBAD, Calif., Dec. 20 /PRNewswire-FirstCall/ -- Ardea Biosciences, Inc. (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 announced that it has entered into a securities purchase agreement with certain institutional investors to raise approximately $40 million from the private placement of approximately 3.0 million newly issued shares of its common stock at a price of $13.25 per share. Subject to the satisfaction of customary closing conditions, the financing is expected to close on or about December 21, 2007.

Piper Jaffray & Co. acted as lead placement agent for this offering, with Cowen and Company and Oppenheimer & Co. Inc. acting as co-placement agents.

The shares of Ardea's common stock 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 shares 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. 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 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 have active development
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SOURCE Ardea Biosciences, Inc.
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