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In December 2006, Ardea Biosciences entered into a research collaborationwith Valeant Pharmaceuticals International pursuant to which we agreed tocollaborate exclusively with Valeant to design a series of compounds to treatneurological disorders.
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Valeant's announcement of the selection of several pre-Investigational NewDrug (IND) candidates for its next-generation potassium-channel opener programtriggered this milestone payment, which recognizes the continuing progress inthe identification of novel next-generation compounds to treat seriousdiseases.
"Starting with a very interesting first generation compound, we havesuccessfully improved its metabolic and pharmacokinetic properties, whileincreasing potency by up to 50-fold. We are pleased to be recognized forachieving this important milestone and for its validation of ourfully-integrated discovery, research and development platform," said Barry D.Quart, PharmD, President and CEO.
About Ardea Biosciences, Inc.
Ardea is focused on the development of small-molecule drugs that addresslarge pharmaceutical markets. We plan to source these development candidatesfrom both our internal drug discovery programs and our continued in-licensingefforts. Our initial therapeutic areas of focus are viral diseases, cancerand inflammatory diseases. We believe that we are well-positioned to createshareholder value through our development activities given our ability toachieve clinical proof-of-concept relatively quickly and cost-effectively inthese disease areas. The Company's goal is to initiate clinical studies onthree or more compounds this year. These compounds include RDEA806 and leadcompounds from our 900 series, which are non-nucleoside reverse transcriptaseinhibitors (NNRTIs) for the treatment of HIV, and RDEA119, a mitogen-activatedERK kinase (MEK) inhibitor for the treatment of cancer and inflammatorydiseases.
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, its plan to source development candidates, and its goal of initiatingclinical studies on three or more compounds this year. Risks that contributeto the uncertain nature of the forward-looking statements include: risksrelated to 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.
SOURCE Ardea Biosciences, Inc.
