Ardea Raises $30.6M in Stock Sale

San Diego-based Ardea Biosciences announced today it has entered into a securities purchase agreement with institutional investors to raise about $30.6 million from the private placement of newly issued shares of its common stock. Ardea (NASDAQ: RDEA) is focused on the discovery and development of small-molecule drugs to treat HIV, gout, cancer, and inflammatory diseases.

Gregory T. Huang is the Editor of Xconomy Seattle. You can e-mail him at gthuang@xconomy.com or call 206-624-2249.

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