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Ardea Biosciences Reports Recent Accomplishments and Second Quarter 2011 Financial Results
Date:8/5/2011

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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