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

n January 2011, we received a $15 million milestone payment from Bayer Healthcare AG (Bayer) triggered by the initiation of a Phase 2 clinical study of BAY-86-9766 (RDEA119) in combination with sorafenib (Nexavar®; Bayer, Onyx Pharmaceuticals) in patients with hepatocellular carcinoma, or primary liver cancer.  BAY 86-9766 (RDEA119) is a potent, non-ATP competitive, highly selective inhibitor of mitogen-activated ERK kinase (MEK).
  • In April 2011, we announced that the following abstracts would be presented at the Annual European Congress of Rheumatology hosted by the European League Against Rheumatism (EULAR) on May 26, 2011 in London, UK:
  • Additional results from our Phase 2b study evaluating lesinurad in combination with allopurinol in gout patients not adequately responding to allopurinol;
  • Additional results from a completed Phase 1b study evaluating the combination of lesinurad and febuxostat in gout patients; and
  • Data from a completed preclinical study of lesinurad's effect on the hyperuricemia caused by the commonly used diuretic, hydrochlorothiazide.
  • In the third quarter, we expect to meet with the U.S. Food and Drug Administration to finalize the design of our Phase 3 program for lesinurad.

  • First Quarter 2011 Financial ResultsAs of March 31, 2011, we had $156.8 million in cash, cash equivalents and short-term investments and $2.0 million in receivables, compared to $80.6 million in cash, cash equivalents and short-term investments and $17.0 million in receivables as of December 31, 2010.

    The net increase in cash, cash equivalents and short-term investments in 2011 was due primarily to our public offering of common stock, which was completed in February 2011 and resulted in net proceeds to us of $78.1 million, and the receipt in January 2011 of a $15.0 million milestone payment under our global license agreement with Bayer HealthCare AG (Bayer).  These increases were partia
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    SOURCE Ardea Biosciences, Inc.
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