Idenix Pharmaceuticals (IDIX)

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RDEA Announces $40 Million Private Placement

http://biz.yahoo.com/prnews/071220/aqth070.html?.v=30

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Thursday December 20, 8:30 am ET

CARLSBAD, Calif., Dec. 20 /PRNewswire-FirstCall/ -- Ardea Biosciences, Inc. (Nasdaq: RDEA ), a company focused on the discovery and development of small-molecule therapeutics for the treatment of viral diseases, cancer and inflammatory diseases, today announced that it has entered into a securities purchase agreement with certain institutional investors to raise approximately $40 million from the private placement of approximately 3.0 million newly issued shares of its common stock at a price of $13.25 per share. Subject to the satisfaction of customary closing conditions, the financing is expected to close on or about December 21, 2007.

Piper Jaffray & Co. acted as lead placement agent for this offering, with Cowen and Company and Oppenheimer & Co. Inc. acting as co-placement agents.

About Ardea Biosciences, Inc.

Ardea Biosciences is focused on the discovery and development of small-molecule therapeutics for the treatment of viral diseases, cancer and inflammatory diseases. The Company plans to have active development programs with four new chemical entities (NCEs) in the clinic for three distinct indications by early 2008, with an additional one-to-two indications in inflammatory diseases planned for the first half of 2008.

Ardea's most advanced clinical development programs include: RDEA806, the Company's lead non-nucleoside reverse transcriptase inhibitor (NNRTI) for the treatment of HIV, which is expected to enter a Phase 2a clinical trial in the fourth quarter of 2007; RDEA119, a mitogen-activated ERK kinase (MEK) inhibitor for the treatment of cancer and inflammatory diseases, which is in a Phase 1 clinical trial in advanced cancer patients; RDEA806 for gout, which is expected to enter a Phase 2 efficacy trial in the first half of 2008. Ardea also is developing a next-generation NNRTI and a next-generation MEK inhibitor, both of which are scheduled to enter first-in-human studies in early 2008.
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