SAN DIEGO--(BUSINESS WIRE)--Ardea Biosciences, Inc. (Nasdaq: RDEA) announced today that it has entered into a securities purchase agreement with certain institutional investors to raise approximately $30.6 million from the private placement of 2,737,336 newly issued shares of its common stock and warrants to purchase 684,332 shares of common stock at a total purchase price of approximately $11.17 per unit, with each unit consisting of one share of common stock and one warrant to purchase 0.25 shares of common stock. The warrants are first exercisable on the date 180 days after closing at $11.14 per share and will expire five years from the date of grant. Subject to the satisfaction of customary closing conditions, the financing is expected to close on or about December 19, 2008.
