n patients with chronic gout who will receive allopurinol. Given the low response rate typically observed with allopurinol and its well established side effect profile, we expect a substantial number of patients from these studies will be eligible to enroll directly into our Phase 3 studies. During the third quarter of 2011, we expect to report the results of an "End of Phase 2" meeting with the FDA for lesinurad.Our next generation URAT1 inhibitor for gout, RDEA3170, has received regulatory approval for Phase 1 dosing, which we expect will commence in the third quarter of 2011.
Second Quarter and Year-to-Date 2011 Financial ResultsAs of June 30, 2011, we had $141.3 million in cash, cash equivalents and short-term investments and $1.7 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 (Bayer). These increases were partially offset by the use of cash to fund our clinical-stage programs, personnel costs and for other general corporate purposes. The decrease in receivables in this period was due to the receipt of the $15.0 million milestone payment from Bayer.
Revenues totaled $2.2 million and $3.9 million for the three and six months ended June 30, 2011, respectively, and $3.5 million and $6.8 million for the three and six months ended June 30, 2010, respectively. The revenue earned in 2010 and 2011 was primarily from the recognition of a portion of the $35.0 million upfront, non-refundable license fee and reimbursement of third
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. Ardea Biosciences to Present at Upcoming Investor Conferences2
. Ardea Biosciences Announces Data on MEK Inhibitor BAY 86-9766 (RDEA119) to be Presented at 2011 American Society of Clinical Oncology Annual Meeting3
. Ardea Biosciences Reports Recent Accomplishments and Announces First Quarter 2011 Financial Results4
. Ardea Biosciences Reports Recent Accomplishments and Announces Fourth Quarter and Full-Year 2010 Financial Results5
. Ardea Biosciences Announces Exercise in Full of Overallotment Option for Common Stock Offering6
. Ardea Biosciences Prices Public Offering of Common Stock7
. Ardea Biosciences Announces Positive Top-Line Results from Phase 2b Combination Study of RDEA594 in Allopurinol-Refractory Gout Patients8
. Ardea Biosciences to Present at Two Upcoming Investor Conferences9
. Ardea Biosciences Awarded a $733,438 Grant from the U.S. Government Under the Patient Protection and Affordable Care Act10
. Ardea Biosciences to Present at the Oppenheimer 21st Annual Healthcare Conference11
. Ardea Biosciences Announces Appointment of Felix J. Baker, Ph.D. to Board of Directors