Ardea Biosciences Reports Recent Accomplishments and Announces Third Quarter and Year-to-Date 2009 Financi...(from the second cohort of our ongoing Ph...),Health

Date:11/6/2009

from the second cohort of our ongoing Phase 2a proof-of-concept study evaluating RDEA594 in combination with allopurinol and Study RDEA594-105, along with an update on progress in RDEA594-204, in December 2009. We expect RDEA594-202 to complete enrollment in 2009, with results anticipated in the first quarter of 2010. We also expect to report results from RDEA594-203 in the first quarter of 2010.

In coordination with our commercial partner, Bayer HealthCare AG (Bayer), we continue to progress our ongoing Phase 1/2 study of RDEA119 in combination with sorafenib (Nexavar®, Bayer and Onyx Pharmaceuticals) and our ongoing Phase 1 monotherapy study of RDEA119 in advanced cancer patients.

Third Quarter and Year-to-Date 2009 Financial Results

As of September 30, 2009, we had $59.6 million in cash, cash equivalents, and short-term investments, and $1.4 million in receivables, compared to $57.7 million in cash, cash equivalents, and short-term investments, and $0.4 million in receivables as of December 31, 2008. The increase in cash, cash equivalents and short-term investments and receivables for the first nine months of 2009 was primarily due to the receipt of a $35.0 million non-refundable, upfront license fee and the expected reimbursement of third-party development costs associated with our MEK inhibitor program under our license agreement with Bayer, offset by the use of cash to fund our clinical-stage programs, personnel costs and for other general corporate purposes.

We anticipate that our existing cash, cash equivalents, and short-term investments will be sufficient to fund our operating activities through the first quarter of 2011. This current financial projection includes forecasted expenses associated with the RDEA594 Phase 2 and Phase 3 programs anticipated for that period, combined with expense reductions from our recent restructuring. This projection does not include any milestone payments und
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SOURCE Ardea Biosciences, Inc. Copyright©2009 PR Newswire. All rights reserved

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