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Ardea Biosciences Announces Exercise In Full Of Overallotment Option For Common Stock Offering

SAN DIEGO, Feb. 23, 2011 /PRNewswire/ -- Ardea Biosciences, Inc. (Nasdaq: RDEA) today announced that the underwriters of its previously announced public offering of common stock have exercised in full their option to purchase an additional 412,500 shares of common stock to cover overallotments. When taking into account the sale of the additional shares offered at a price to the public of $26.00 per share, the aggregate gross proceeds to Ardea from both closings of this offering were $82,225,000 million, before deducting the underwriting discount and other estimated offering expenses payable by Ardea. BofA Merrill Lynch and Jefferies & Company, Inc. acted as joint book-running managers for the offering.  JMP Securities, Brean Murray, Carret & Co. and Roth Capital Partners acted as co-managers for the offering. The sale of the additional shares closed today.

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 were 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 final 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 may be obtained from BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department or by e-mail at dg.prospectus_requests@baml.com, or from Equity Syndicate Prospectus Department, Jefferies & Company, Inc., 520 Madison Avenue, 12th Floor, New York, NY 10022, at 877-547-6340, or at  Prospectus_Department@Jefferies.com.

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.

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