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Ardea Biosciences Reports Recent Accomplishments and Announces Fourth Quarter and Full-Year 2010 Financial Results
Date:3/11/2011

y 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, before expenses and after deducting underwriting discounts and commissions, were approximately $78 million.
  • In 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).

  • Fourth Quarter and Year-End 2010 Financial ResultsAs of December 31, 2010, we had $80.6 million in cash, cash equivalents and short-term investments and $17.0 million in receivables, compared to $50.9 million in cash, cash equivalents and short-term investments and $1.4 million in receivables as of December 31, 2009.

    The net increase in cash, cash equivalents and short-term investments for 2010 was due primarily to our April 2010 public offering of common stock, partially offset by the use of cash to fund our clinical-stage programs, personnel costs and for other general corporate purposes.  The increase in receivables for 2010 was due to revenue recognized in the fourth quarter of 2010 for the first milestone achieved under the license agreement with Bayer, as well as increased reimbursements of third-party development costs and sponsored research also associated with this agreement.

    Revenues totaled $17.3 million and $27.4 million for the three and twelve months ended December 31, 2010, respectively.  Revenues totaled $8.3 million and $22.9 million for the three and twelve months ended December 31, 2009, respectively.  The revenues e
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