Ardea Biosciences Secures Venture Loan

Bruce V. Bigelow11/13/08

Ardea Biosciences (Nasdaq:RDEA) says it has entered into an $8 million growth capital loan agreement with Oxford Finance Corp. and Silicon Valley Bank. Ardea President and CEO Barry Quart says the loan, which includes warrants entitling the lenders to buy 56,000 shares to 2015, provides greater flexibility in “ongoing partnering discussions” and allows the drug development company to fund operations into the second half of 2009.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788