SAN DIEGO, Nov. 2, 2010 /PRNewswire/ -- Ardea Biosciences, Inc. (Nasdaq: RDEA) announced today that it has been awarded a $733,438 grant from the Department of Health and Human Services (HHS) under the recently enacted Patient Protection and Affordable Care Act. Ardea submitted three applications, one for each of its drug candidates under active development, for expenses incurred during 2009 and 2010. All three applications received an award. The grant is expected to be fully funded in the fourth quarter of 2010.
"We are extremely pleased that the Department of Health and Human Services has confirmed that our programs qualify for funding due to their potential to address significant unmet medical needs, treat chronic diseases, reduce long-term health care costs and sustain high-quality, high paying jobs in the U.S.," commented John W. Beck, senior vice president, finance and operations and chief financial officer. "This grant provides an important source of non-dilutive funding in our continued efforts to further these important objectives."
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. RDEA594, our lead product candidate for the treatment of hyperuricemia and gout, is a selective URAT1 transporter inhibitor in Phase 2 clinical development. Our next-generation URAT1 inhibitor program is currently in preclinical development. BAY 86-9766, formerly known as RDEA119, is a potent and specific inhibitor of mitogen-activated ERK kinase (MEK) for the treatment of cancer being developed under a global license agreement with Bayer HealthCare AG. BAY 86-9766 is currently being evaluated in advanced cancer patients with different tumor types as a single agent in a Pha
|SOURCE Ardea Biosciences, Inc.|
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