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Jan. 20, 2011 /PRNewswire/ -- Ardea Biosciences, Inc. (Nasdaq: RDEA) today announced the pricing of a previously announced underwritten public offering of 2,750,000 shares of its common stock, offered at a price to the public of
$26.00 per share. The gross proceeds to Ardea from this offering are expected to be
$71,500,000 million, before deducting the underwriting discount and other estimated offering expenses payable by Ardea. BofA Merrill Lynch and Jefferies & Company, Inc. are acting as joint book-running managers for the offering. JMP Securities,
Brean Murray, Carret & Co. and Roth Capital Partners are acting as co-managers for the offering. Ardea has granted the underwriters a 30-day option to purchase at the public offering price up to an additional 412,500 shares of its common stock to cover overallotments, if any. The offering is expected to close on or about
January 25, 2011, subject to customary closing conditions.
Ardea anticipates using the net proceeds from the offering for general corporate purposes, including clinical trial expenses, research and development expenses and general and administrative expenses, including working capital.
The securities described above are being offered by Ardea pursuant to a shelf registration statement previously filed with the Securities and Exchange Commission (the "SEC"), which the SEC declared effective on
November 15, 2010. A preliminary prospectus supplement related to the offering has been filed with the SEC and is available on the SEC's website located at
http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to this offering, when available, may be obtained from BofA Merrill Lynch, 4 World Financial Center,
New York, NY 10080, Attn: Prospectus Department or by e-mail at
email@example.com, or from Equity Syndicate Prospectus Department, Jefferies & Company, Inc., 520 Madison Avenue, 12th Floor,
New York, NY, 10022, at 877-547-6340, or
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.