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 Xconomy's Deputy Editor, National IT Editor, and Editor of Xconomy Boston. E-mail him at gthuang [at] Follow @gthuang

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