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Ardea reported losses applicable to common stockholders of $5.4 million($0.57 per basic and diluted share) and $8.9 million ($0.94 per basic anddiluted share) for the second quarter and six months ended June 30, 2007,respectively. This compares with respective losses of $37,000 ($0.00 pershare) and $247,000 ($0.03 per share) for the second quarter and six monthsended June 30, 2006. The results for the quarter and six months includerespective non-cash charges of $194,000 ($0.02 per share) and $363,000 ($0.04per share) for stock compensation expense. The difference between 2007 and2006 losses reflects Ardea's re-start and rebuilding of operations.
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On June 30, 2007, Ardea had a total of $41.5 million in cash, cashequivalents and short-term investments. Based on current projections, theCompany expects cash, cash equivalents, and short-term investments on December31, 2007 to range between $28 million and $32 million. The Company expectsits current cash resources to fund operations through 2008. These projectionsexclude the potential impact of any future business development or financingactivity.
Approximately 11.8 million common equivalent shares were issued andoutstanding on June 30, 2007, including 1.6 million common shares underlyingoutstanding convertible preferred stock.
About Ardea Biosciences, Inc.
Ardea Biosciences is focused on the discovery and development of small-molecule therapeutics for the treatment of viral diseases, cancer andinflammatory diseases. The Company plans to initiate clinical studies on fourcompounds this year. These include RDEA806, the Company's lead non-nucleosidereverse transcriptase inhibitor (NNRTI) for the treatment of HIV, currently inPhase 1 clinical trials, RDEA119, a mitogen-activated ERK kinase (MEK)inhibitor for the treatment of cancer and inflammatory diseases, scheduled toenter Phase 1 in the second half of 2007, and a follow-on NNRTI and a follow-on MEK inhibitor, both of which are scheduled to enter first-in-man studies inthe fourth quarter of 2007.
Statements contained in this press release regarding matters that are nothistorical facts are "forward-looking statements" within the meaning of thePrivate Securities Litigation Reform Act of 1995. Because such statements aresubject to risks and uncertainties, actual results may differ materially fromthose expressed or implied by such forward-looking statements. Suchstatements include, but are not limited to, statements regarding: Ardea'sgoals, including its goal of initiating clinical studies on four compoundsthis year, and its 2007 year-end cash projection. Risks that contribute tothe uncertain nature of the forward-looking statements include: risks relatedto the outcomes of preclinical and clinical trials, risks related toregulatory approvals, delays in commencement of preclinical and clinicaltests, and costs associated with internal development and in-licensingactivities. These and other risks and uncertainties are described more fullyin Ardea's most recently filed SEC documents, including its Annual Report onForm 10-K and Quarterly Reports on Form 10-Q, under the headings "RiskFactors." All forward-looking statements contained in this press releasespeak only as of the date on which they were made. Ardea undertakes noobligation to update such statements to reflect events that occur orcircumstances that exist after the date on which they were made.Ardea Biosciences, Inc. (formerly IntraBiotics Pharmaceuticals, Inc.) Statements of Operations
