CARLSBAD, Calif., Aug. 13 /PRNewswire-FirstCall/ -- Ardea Biosciences, Inc. ("Ardea" or the "Company") (Pink Sheets: ARDC), 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 results for the three months and six months ended June 30, 2007.
Ardea reported losses applicable to common stockholders of $5.4 million ($0.57 per basic and diluted share) and $8.9 million ($0.94 per basic and diluted share) for the second quarter and six months ended June 30, 2007, respectively. This compares with respective losses of $37,000 ($0.00 per share) and $247,000 ($0.03 per share) for the second quarter and six months ended June 30, 2006. The results for the quarter and six months include respective non-cash charges of $194,000 ($0.02 per share) and $363,000 ($0.04 per share) for stock compensation expense. The difference between 2007 and 2006 losses reflects Ardea's re-start and rebuilding of operations.
On June 30, 2007, Ardea had a total of $41.5 million in cash, cash equivalents and short-term investments. Based on current projections, the Company expects cash, cash equivalents, and short-term investments on December 31, 2007 to range between $28 million and $32 million. The Company expects its current cash resources to fund operations through 2008. These projections exclude the potential impact of any future business development or financing activity.
Approximately 11.8 million common equivalent shares were issued and outstanding on June 30, 2007, including 1.6 million common shares underlying outstanding convertible preferred stock.
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 initiate clinical studies on four compounds this year. These include RDEA806, the Company's lead non-nucleoside reverse transcriptase inhibitor (NNRTI) for the treatment of HIV, currently in Phase 1 clinical trials, RDEA119, a mitogen-activated ERK kinase (MEK) inhibitor for the treatment of cancer and inflammatory diseases, scheduled to enter Phase 1 in the second half of 2007, and a follow-on NNRTI and a follow- on MEK inhibitor, both of which are scheduled to enter first-in-man studies in the fourth quarter of 2007.
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding: Ardea's goals, including its goal of initiating clinical studies on four compounds this year, and its 2007 year-end cash projection. Risks that contribute to the uncertain nature of the forward-looking statements include: risks related to the outcomes of preclinical and clinical trials, risks related to regulatory approvals, delays in commencement of preclinical and clinical tests, and costs associated with internal development and in-licensing activities. These and other risks and uncertainties are described more fully in Ardea's most recently filed SEC documents, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, under the headings "Risk Factors." All forward-looking statements contained in this press release speak only as of the date on which they were made. Ardea undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Ardea Biosciences, Inc.
(formerly IntraBiotics Pharmaceuticals, Inc.)
Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2007 2006 2007 2006
Revenue $857 $-- $1,750 $--
Operating expenses:
Research and development 5,216 -- 8,729 7
General and administrative 1,584 554 3,128 1,214
Total operating expenses 6,800 554 11,857 1,221
Operating loss (5,943) (554) (10,107) (1,221)
Interest income 568 577 1,179 1,095
Other income (expense), net -- -- 184 (1)
Net income (loss) (5,375) 23 (8,744) (127)
Non-cash dividends on Series A
preferred stock (60) (60) (120) (120)
Net loss applicable to common
stockholders (5,435) (37) (8,864) (247)
Basic and diluted net loss per share
applicable to common stockholders (0.57) -- (0.94) (0.03)
Shares used to compute basic and
diluted net loss per share
applicable to common stockholders 9,582 9,315 9,478 9,307
Condensed Balance Sheet Data
(In thousands)
June 30, December 31,
2007 2006
Cash, cash equivalents and short-term
investments $41,501 $48,669
Total assets $44,214 $50,240
Total stockholders' equity $41,471 $49,064
