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Ardea Biosciences Reports Progress of Clinical Development Programs; Provides 2008 Outlook; Announces 2007 Financial Results and Provides 2008 Financial Guidance
Date:3/24/2008

d our Quarterly Reports on Form 10-Q, under the headings "Risk Factors." All forward-looking statements contained in this press release speak only as of the date on which they were made. We undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

ARDEA BIOSCIENCES, INC.

(formerly IntraBiotics Pharmaceuticals, Inc.)

CONDENSED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

Three Months Twelve Months

Ended Ended

December 31 December 31

2007 2006 2007 2006

Collaboration Revenues $268 $- $3,095 $-

Operating Expenses:

Research and Development $7,260 $65 $23,103 $72

General and Administrative 2,653 997 7,566 2,674

Total Operating Expenses 9,913 1,062 30,669 2,746

-

Operating Loss: (9,645) (1,062) (27,574) (2,746)

Interest Income 440 646 2,128 2,377

Other Income (expense), net 187 0 375 2

Net income/(loss) applicable to common

stockholders $(9,018) $(416) $(25,071) $(367)

Non-cash dividends on Series A

Preferred stock (60) (60) (240) (240)

Net loss applicable to common

shareholders $(9,078) $(476) $(25,311) $(607)

Basic and diluted net loss per share

applicable to common stockholders $(0.86
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SOURCE Ardea Biosciences, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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