Ardea Biosciences Prices Common Share Offering
April 7, 2010 (FinancialWire) — Ardea Biosciences, Inc. (NASDAQ: RDEA) said it has priced of a public offering of 3.5 million shares of its common stock. The offering is scheduled to close on or about April 9.
In addition, Ardea Biosciences has granted the underwriters a 30-day option to purchase up to an additional 525,000 shares to cover overallotments, if any.
California-based Ardea is a biotechnology company focused on the development of small-molecule therapeutics for the treatment of gout, cancer and human immunodeficiency virus.
Ardea was formerly known as IntraBiotics Pharmaceuticals, Inc. and was incorporated in the State of Delaware in 1994.
In December 2006, the firm acquired intellectual property and other assets related to several classes of small-molecule therapeutics for the treatment of HIV and cancer from Valeant Research & Development, Inc., or Valeant.
Ardea has subsequently expanded into the treatment of gout through its own proprietary research and development efforts.
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