Ardea Biosciences, Inc. (RDEA)

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Ardea Biosciences, Inc. Reports Third Quarter 2007 Operating and Financial Results
Wednesday November 14, 4:45 pm ET
Recent Accomplishments Include:
- Successful completion of Phase 1 studies of novel HIV NNRTI, RDEA806
- Presentation of Phase 1 data on RDEA806 at key infectious disease conference
- Clearance granted by FDA to commence Phase 1 clinical trials in advanced cancer patients with lead MEK inhibitor, RDEA119
- Presentation of RDEA119 preclinical data at key oncology conference

CARLSBAD, Calif., Nov. 14 /PRNewswire-FirstCall/ -- Ardea Biosciences, Inc. ("Ardea" or the "Company") (Nasdaq: RDEA - News), a company focused on the discovery and development of small-molecule therapeutics for the treatment of viral diseases, cancer and inflammatory diseases, today reported financial and operating results for the three months and nine months ended September 30, 2007.

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 third quarter of 2007, compared to a profit of $116,000 ($0.01 per share) for the third quarter of 2006. For the nine months ended September 30, 2007, the Company 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 the corresponding nine-month period in 2006. During 2006, the Company had no revenue. The results for the quarter and nine months ended September 30, 2007 include 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 2007 and 2006 results reflects Ardea's re-start and rebuilding of operations.

"This past quarter proved to be highly productive," said Barry D. Quart, President and CEO. "We made significant progress in advancing our business and in the development of our pipeline, achieving several important milestones." These include:

-- Completion of Phase 1 single-ascending-dose, multiple-ascending-dose,
food-effect, and drug-interaction clinical studies of RDEA806, our lead
non-nucleoside reverse transcriptase inhibitor (NNRTI) for HIV, in
August of 2007;
-- Presentation of four posters describing the favorable results of
preclinical and Phase 1 clinical trials with RDEA806 during the 47th
Annual Interscience Conference on Antimicrobial Agents and Chemotherapy
(ICAAC);
-- Completion, submission and FDA approval of our investigational new drug
application (IND) for our lead mitogen-activated ERK kinase (MEK)
inhibitor, RDEA119, allowing us to proceed to Phase 1 clinical trials
in advanced cancer patients; and
-- Presentation of RDEA119 preclinical data, showing favorable properties,
including oral dosing, excellent selectivity and low central nervous
system (CNS) penetration, at the American Association of Cancer
Research (AACR), National Cancer Institute (NCI) and European
Organization for Research and Treatment of Cancer (EORTC) International
Conference on Molecular Targets and Cancer Therapeutics.

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