Ardea Biosciences, Inc. News
Ardea Biosciences Appoints John W. Beck Chief Financial Officer, Announces Clinical Development Progress and Reports First Quarter 2008 Financial Results
Appointment of
"We are extremely pleased to welcome
Mr. Beck joins Ardea Biosciences from Metabasis Therapeutics, Inc., which he co-founded in 1999 and where he served most recently as Senior Vice President of Finance, Chief Financial Officer and Treasurer. Prior to Metabasis, he served as Director of Finance of Neurocrine Biosciences, Inc., where he played an important role in Neurocrine's 1996 initial public offering. Prior to joining Neurocrine, Mr. Beck held financial management positions 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
Recent Accomplishments
In the first quarter of 2008, we continued to progress our development pipeline in all three therapeutic areas of focus, including:
— Announced positive preliminary results for RDEA806, our lead non- nucleoside reverse transcriptase inhibitor (NNRTI), in a Phase 2a monotherapy study in patients with human-immunodeficiency virus (HIV), demonstrating an up to 2.0 log placebo-adjusted reduction in plasma viral load after seven days of treatment; — Completed a first-in-human micro-dosing study of our second generation NNRTI, RDEA427, and selected it as a development candidate; — Completed a first-in-human micro-dosing study of our second generation MEK inhibitor, RDEA436, and selected it as a development candidate; — Presented preclinical data demonstrating potent activity and favorable resistance profiles for our next generation NNRTI family of compounds against HIV at the 15th Annual Conference on Retroviruses and Opportunistic Infections (CROI) and the 21st International Conference on Antiviral Research (ICAR); — Presented preclinical data demonstrating the potent activity and favorable pharmacokinetic profile of our mitogen-activated ERK kinase (MEK) inhibitor family of compounds in the treatment of cancer, preliminary Phase 1 data demonstrating the potential for once-daily oral dosing of RDEA119, our lead MEK inhibitor, and first-in-human micro-dose data for RDEA436, at the American Association for Cancer Research (AACR); — Established two scientific advisory boards to guide the HIV and inflammation programs; and — Relocated our corporate headquarters and research laboratories to San Diego's biotechnology corridor.
2008 1st Quarter Financial Results
As of
The net loss for the first quarter ended
Revenue for the first quarter was
2008 Financial Guidance
The Company confirmed its financial guidance for the full year ending
About Ardea Biosciences
Ardea Biosciences, Inc. of
(Financial Tables Follow) ARDEA BIOSCIENCES, INC. (formerly IntraBiotics Pharmaceuticals, Inc.) CONDENSED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended March 31 2008 2007 Collaboration Revenues $260 $893 Operating Expenses: Research and Development 9,745 3,513 General and Administrative 3,632 1,544 Total Operating Expenses 13,377 5,057 Operating Loss: (13,117) (4,164) Interest Income 607 611 Other Income 135 184 Net loss $(12,375) $(3,369) Non-cash dividends on Series A Preferred stock (60) (60) Net loss applicable to common shareholders $(12,435) $(3,429) Basic and diluted net loss per share applicable to common stockholders $(0.93) $(0.37) Shares used to compute basic and diluted net loss per share applicable to common stockholders 13,337 9,373 Condensed Balance Sheet Data (In Thousands) March 31 December 31 2008 2007 Cash, cash equivalents and short- term investments 56,164 66,215 Total assets 59,368 68,840 Total stockholders' equity 52,839 63,739
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: sufficiency of cash resources and our goals, including the expected properties and benefits of RDEA806, RDEA427, RDEA119, RDEA436 and our other compounds and the results of preclinical, clinical and other studies. Risks that contribute to the uncertain nature of the forward-looking statements include: risks related to the outcome of preclinical and clinical studies, risks related to regulatory approvals, delays in commencement of preclinical and clinical studies, and costs associated with internal development and business development activities. These and other risks and uncertainties are described more fully in our most recently filed SEC documents, including our Annual Report on Form 10-K and our 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. We undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
SOURCE Ardea Biosciences, Inc.
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