Ardea takes bigger 4th-qtr loss as revenue falls

Ardea Biosciences posts larger 4th-quarter loss as payments from partners decrease

Associated Press

SAN DIEGO (AP) -- Ardea Biosciences Inc. reported a bigger fourth-quarter loss Friday compared to a year earlier, when it received a large payment from its partner on an experimental cancer drug.

Ardea said it lost $30.8 million, or $1.15 per share, after losing $596,000, or 3 cents per share, in the year-ago quarter. Its revenue dropped to $1.7 million from $17.3 million. In the fourth quarter of 2010, Ardea received a $15 million milestone payment from German drugmaker Bayer. Bayer and Ardea are studying a drug Ardea discovered as a possible treatment for liver and pancreatic cancer.

Ardea is also studying two potential treatments for gout. Its drug candidate lesinurad is in late-stage clinical testing. The company said its research and development costs jumped 88 percent to $26.9 million.

In 2011 Ardea lost $86.6 million, or $3.26 per share. It lost $41.6 million, or $1.91 per share, in 2010. Revenue fell to $7.3 million from $27.4 million.

Shares of Ardea Biosciences slipped 47 cents, or 2.3 percent, to $19.94 in midday trading.

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