SAN DIEGO, May 9 Ardea Biosciences, Inc.(Nasdaq: RDEA), a company focused on the discovery and development of small-molecule therapeutics for the treatment of HIV, cancer and inflammatorydiseases, including gout, today announced that John W. Beck has been appointedSenior Vice President, Finance and Operations and Chief Financial Officereffective May 27, 2008. He will resign from our board of directors shortlythereafter. The Company also reported recent accomplishments and financialresults for the first quarter ended March 31, 2008.
Appointment of John W. Beck as Chief Financial Officer
"We are extremely pleased to welcome John Beck as the new Chief FinancialOfficer of Ardea," said Barry D. Quart, PharmD, Ardea Biosciences' Presidentand CEO. "John has served as a member of our board of directors since June2007. He is a proven leader with more than 20 years of financial managementexperience. We believe that he will play an important role in our ongoingsuccess."
Mr. Beck joins Ardea Biosciences from Metabasis Therapeutics, Inc., whichhe co-founded in 1999 and where he served most recently as Senior VicePresident of Finance, Chief Financial Officer and Treasurer. Prior toMetabasis, he served as Director of Finance of Neurocrine Biosciences, Inc.,where he played an important role in Neurocrine's 1996 initial publicoffering. Prior to joining Neurocrine, Mr. Beck held financial managementpositions at various high technology and financial services companies,including General Dynamics and Ernst and Young LLP. Mr. Beck received a B.A.in accounting from the University of Washington and also holds a Th.B. intheology from a Seattle, Washington-based seminary. Mr. Beck is a licensed(inactive status) certified public accountant in the state of California andis a member of the American Institute of Certified Public Accountants and theAssociation of Bioscience Financial Officers.
In the first quarter of 2008, we continued to progress our developmentpipeline in all three therapeutic areas of focus, including:
2008 1st Quarter Financial Results
As of March 31, 2008, the Company had $56.2 million in cash, cashequivalents and short-term investments, compared to $66.2 million as ofDecember 31, 2007.
The net loss for the first quarter ended March 31, 2008 was $12.4 million,or $0.93 per share, compared to a net loss for the same period in 2007 of $3.4million, or $0.37 per share. The net loss included non-cash stock-basedcompensation expense of $1.0 million, or $0.08 per share, and $0.2 million, or$0.02 per share, for the three months ended March 31, 2008 and March 31, 2007,respectively. The increase in net loss between these two periods wasprimarily due to increased expenses resulting from our continued progress withour preclinical and clinical drug candidates.
Revenue for the first quarter was $0.3 million, compared to $0.9 millionfor the same period in 2007. The decrease is the result of fewer researchactivities performed by us under our master services agreement with ValeantPharmaceuticals ("Valeant"). Due to changing priorities at Valeant, we do notanticipate any additional research activities to be conducted under the masterservices agreement.
2008 Financial Guidance
The Company confirmed its financial guidance for the full year endingDecember 31, 2008. Excluding any funds that Ardea may receive from futurebusiness development activities, the Company anticipates 2008 net cash usageto be between $45 million and $50 million.
About Ardea Biosciences
Ardea Biosciences, Inc. of San Diego, California, is a biotechnologycompany focused on the discovery and development of small-moleculetherapeutics for the treatment of HIV, cancer and inflammatory diseases,including gout. We have four drug candidates in clinical trials and severalothers in pre