Ardea Biosciences Announces Exercise in Full of Over-Allotment Option and Completion of Public Offering of Common Stock
Ardea Biosciences, Inc. (NASDAQ: RDEA) today announced the completion of an underwritten public offering of 9,775,000 shares of its common stock, including 1,275,000 shares sold pursuant to the full exercise of an over-allotment option previously granted to the underwriters. All of the shares were offered by Ardea at a price to the public of $17.00 per share.
The gross proceeds to Ardea from this offering were approximately $166.2 million, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by Ardea. Ardea anticipates using the net proceeds from the offering for general corporate purposes, which may include research and development expenses, including expenses related to Phase 3 clinical trials of lesinurad, capital expenditures, working capital, and general and administrative expenses.
