Ardea Biosciences proposes underwritten public offering of common stock

Ardea Biosciences, Inc. (Nasdaq: RDEA) today announced that it is offering to sell shares of its common stock in an underwritten public offering.  Jefferies & Company, Inc. is acting as sole book-running manager in this offering. The joint lead manager in this offering is Oppenheimer & Co.  The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

A registration statement relating to the shares described above was previously filed with, and declared effective, by the Securities and Exchange Commission. A final prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission. Copies of the final prospectus supplement and related prospectus, when available, may be obtained from Jefferies & Company, Inc., Attention: Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022 or at (888) 449-2342. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the shares in any state or other jurisdiction 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.

SOURCE Ardea Biosciences, Inc.