Navigation Links
Ardea Biosciences Announces Exercise in Full of Overallotment Option for Common Stock Offering
Date:2/23/2011

SAN DIEGO, Feb. 23, 2011 /PRNewswire/ -- Ardea Biosciences, Inc. (Nasdaq: RDEA) today announced that the underwriters of its previously announced public offering of common stock have exercised in full their option to purchase an additional 412,500 shares of common stock to cover overallotments. When taking into account the sale of the additional shares offered at a price to the public of $26.00 per share, the aggregate gross proceeds to Ardea from both closings of this offering were $82,225,000 million, before deducting the underwriting discount and other estimated offering expenses payable by Ardea. BofA Merrill Lynch and Jefferies & Company, Inc. acted as joint book-running managers for the offering.  JMP Securities, Brean Murray, Carret & Co. and Roth Capital Partners acted as co-managers for the offering. The sale of the additional shares closed today.

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 were 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 final 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 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 application of the net proceeds from the offering. Risks that contribute to the uncertain nature of the forward-looking statements include, among others, 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 Ardea's drug discovery and development programs, and risks related to the outcome of Ardea's business development activities, including collaboration or license agreements. These and other risks and uncertainties are described more fully under the headings "Risk Factors" in Ardea's most recently filed SEC documents, including its Annual Report on Form 10-K and its 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.

(Logo: http://photos.prnewswire.com/prnh/20091104/ARDEALOGO)


'/>"/>
SOURCE Ardea Biosciences, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. Ardea Biosciences Prices Public Offering of Common Stock
2. Ardea Biosciences Announces Positive Top-Line Results from Phase 2b Combination Study of RDEA594 in Allopurinol-Refractory Gout Patients
3. Ardea Biosciences to Present at Two Upcoming Investor Conferences
4. Ardea Biosciences Awarded a $733,438 Grant from the U.S. Government Under the Patient Protection and Affordable Care Act
5. Ardea Biosciences to Present at the Oppenheimer 21st Annual Healthcare Conference
6. Ardea Biosciences Announces Appointment of Felix J. Baker, Ph.D. to Board of Directors
7. Ardea Biosciences to Present at the Piper Jaffray 21st Annual Health Care Conference
8. Cardea Technology Inc and Optasia Medical Ltd Announce Plans to Collaborate to Optimize Their Vertebral Fracture Assessment Tools
9. Ardea Biosciences to Present at the UBS Global Life Sciences Conference and the Third Annual JMP Securities Healthcare Focus Conference
10. Ardea Biosciences to Present Data on Gout and Inflammation Programs at the 2008 ACR/ARHP Annual Scientific Meeting
11. Ardea Biosciences to Present Data on Lead MEK inhibitor, RDEA119, at EORTC-NCI-AACR Symposium
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... , June 27, 2016 /PRNewswire/ - BIOREM Inc. (TSX-V: BRM) ... advised by its major shareholders, Clean Technology Fund I, ... United States based venture capital funds which ... Biorem (on a fully diluted, as converted basis), that ... of their entire equity holdings in Biorem to TUS ...
(Date:6/27/2016)... ... June 27, 2016 , ... Cancer experts ... they believe could be a new and helpful biomarker for malignant pleural mesothelioma. ... here to read it now. , Biomarkers are components in the blood, ...
(Date:6/27/2016)... ... 2016 , ... Newly created 4Sight Medical Solutions ... healthcare market. The company's primary focus is on new product introductions, to include ... are necessary to help companies efficiently bring their products to market. , The ...
(Date:6/27/2016)... , June 27, 2016  Liquid Biotech ... the funding of a Sponsored Research Agreement with ... tumor cells (CTCs) from cancer patients.  The funding ... CTC levels correlate with clinical outcomes in cancer ... data will then be employed to support the ...
Breaking Biology Technology:
(Date:6/22/2016)... 22, 2016   Acuant , the ... solutions, has partnered with RightCrowd ® ... Visitor Management, Self-Service Kiosks and Continuous Workforce ... add functional enhancements to existing physical access ... venues with an automated ID verification and ...
(Date:6/20/2016)... 20, 2016 Securus Technologies, a leading ... for public safety, investigation, corrections and monitoring announced ... it has secured the final acceptance by all ... Managed Access Systems (MAS) installed. Furthermore, Securus will ... be installed by October, 2016. MAS distinguishes between ...
(Date:6/9/2016)... June 9, 2016  Perkotek an innovation leader in attendance control systems is proud ... work hours, for employers to make sure the right employees are actually signing in, ... ... ... ...
Breaking Biology News(10 mins):