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Ardea reported a loss applicable to common stockholders of $7.4 million($0.72 per basic and diluted share) on revenues of $1.1 million for the thirdquarter of 2007, compared to a profit of $116,000 ($0.01 per share) for thethird quarter of 2006. For the nine months ended September 30, 2007, theCompany lost $16.2 million ($1.67 per basic and diluted share) on revenues of$2.8 million, compared to a loss of $131,000 ($0.01 per share) for thecorresponding nine-month period in 2006. During 2006, the Company had norevenue. The results for the quarter and nine months ended September 30, 2007include respective non-cash charges of $421,000 ($0.04 per share) and $784,000($0.08 per share) for stock compensation expense. The difference between 2007and 2006 results reflects Ardea's re-start and rebuilding of operations.
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"This past quarter proved to be highly productive," said Barry D. Quart,President and CEO. "We made significant progress in advancing our business andin the development of our pipeline, achieving several important milestones."These include:
"We are well positioned for continued progress and success with ourdevelopment programs in viral diseases, cancer and inflammatory diseases andare working to achieve several milestones in the next few months," added Dr.Quart. These include:
On September 30, 2007, Ardea had a total of $35.6 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 be approximately $28 million. The Company expects its currentcash resources to fund operations through 2008. These projections exclude thepotential impact of any future business development or financing activity.
Approximately 11.8 million common equivalent shares were issued andoutstanding on September 30, 2007, including 1.6 million common sharesunderlying outstanding convertible preferred stock.
About Ardea Biosciences, Inc.
Ardea Biosciences is focused on the discovery and development ofsmall-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, whichrecently completed Phase 1 clinical trials, RDEA119, a mitogen-activated ERKkinase (MEK) inhibitor for the treatment of cancer and inflammatory diseases,which has been cleared by the FDA to enter Phase 1 clinical trials, and afollow-on NNRTI and a follow-on MEK inhibitor, both of which are scheduled toenter first-in-human studies in the 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, the initiation of a program to evaluate RDEA119 in inflammatorydiseases and its 2007 year-end cash projection. Risks that contribute to theuncertain nature of the forward-looking statements include: risks related tothe outcomes of preclinical and clinical trials, risks related to regulator
