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Ardea Biosciences Reports Recent Accomplishments and Announces First Quarter 2011 Financial Results
Date:5/9/2011

SAN DIEGO, May 9, 2011 /PRNewswire/ -- Ardea Biosciences, Inc. (Nasdaq: RDEA), a biotechnology company focused on the development of small-molecule therapeutics for the treatment of serious diseases, today reported recent accomplishments and financial results for the first quarter ended March 31, 2011.

"Results from our recently completed Phase 2b study of lesinurad in combination with allopurinol demonstrate lesinurad's potential to bring relief to millions of patients currently suffering with gout," commented Barry D. Quart, PharmD, Ardea's president and chief executive officer.  "We look forward to presenting additional results from this study at the Annual European Congress of Rheumatology in May and discussing our plans for Phase 3 with the Food and Drug Administration in the third quarter."

Recent Accomplishments and Important Upcoming Events

  • In January 2011, we announced positive, topline results from a Phase 2b study (Study 203) adding lesinurad to allopurinol in 208 allopurinol-refractory patients.  At the highest lesinurad dose tested in this study, the number of patients taking the combination who achieved the medically recommended target of below 6 mg/dL was more than three times the number of patients who achieved the target on allopurinol alone.  This translated into an overall response rate of 89 percent using a "last observation carried forward", or LOCF, analysis.  The combination of lesinurad and allopurinol was also well tolerated.
  • In February 2011, we completed an underwritten public offering of approximately 3.2 million shares of our common stock, including the full exercise of an overallotment option granted to the underwriters.  Net proceeds from the sale of the shares, after deducting underwriting discounts and commissions and offering expenses, were approximately $78.1 million.
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