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Ardea Biosciences, Inc. (RDEA) Announces Appointment of Stephen R. Davis as Executive VP and COO

SAN DIEGO, April 12 /PRNewswire-FirstCall/ — Ardea Biosciences, Inc. (Nasdaq:RDEANews) today announced the appointment of Stephen R. Davis as Executive Vice President and Chief Operating Officer.

“We are extremely pleased to welcome Steve to Ardea as our new Chief Operating Officer,” commented Barry D. Quart, PharmD, Ardea’s President and Chief Executive Officer.  “His diverse background, with extensive financial and transactional experience, makes him an ideal addition to the Ardea management team at this transformational time for the Company.”

Prior to joining Ardea, Mr. Davis served as President and Chief Executive Officer of Neurogen Corporation, which was acquired by Ligand Pharmaceuticals in December 2009.  Prior to becoming CEO in February 2008, Mr. Davis served as Neurogen’s Chief Operating Officer beginning in April 2005 and Executive Vice President and Chief Business Officer from September 2001 through April 2005.  Mr. Davis was also a member of the Board of Directors of Neurogen.  Mr. Davis joined Neurogen in 1994 as Vice President of Finance and Chief Financial Officer.  While at Neurogen, Mr. Davis completed numerous collaborations with global pharmaceutical companies.  From 1990 through June 1994, Mr. Davis practiced as a corporate and securities attorney with Milbank, Tweed, Hadley & McCloy LLP in New York City.  Previously, Mr. Davis practiced as a Certified Public Accountant with Arthur Andersen & Co.  Mr. Davis received his BS in Accounting from Southern Nazarene University and his JD from Vanderbilt University.

About Ardea Biosciences, Inc.

Ardea Biosciences, Inc., of San Diego, California, is a biotechnology company focused on the development of small-molecule therapeutics for the treatment of gout, cancer and human immunodeficiency virus (HIV).  RDEA594, our lead product candidate for the treatment of hyperuricemia and gout, is a selective URAT1 transporter inhibitor in Phase 2 clinical development.  Our next-generation URAT1 inhibitor program is currently in preclinical development.  RDEA119, a potent and specific inhibitor of mitogen-activated ERK kinase (MEK) and our lead product candidate for the treatment of cancer, is being developed under a global license agreement with Bayer HealthCare AG.  RDEA119 is currently being evaluated in advanced cancer patients with different tumor types as a single agent in a Phase 1 study as well as in combination with sorafenib (Nexavar®; Bayer HealthCare, Onyx Pharmaceuticals) in a Phase 1/2 study.  RDEA806, our lead product candidate for the treatment of HIV, is a non-nucleoside reverse transcriptase inhibitor (NNRTI) that has successfully completed a Phase 2a study in HIV patients.  RDEA427, a next generation NNRTI, has superior pharmacokinetic properties, and even greater activity against a wide range of drug-resistant viral isolates than RDEA806.  We have evaluated RDEA427 in a human micro-dose pharmacokinetic study.

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.  Such statements include, but are not limited to, statements regarding our plans and goals, the expected properties and benefits of RDEA594, RDEA119, RDEA806 and our other compounds and the timing and results of our preclinical, clinical and other studies.  Risks that contribute to the uncertain nature of the forward-looking statements include risks related to the outcome of preclinical and clinical studies, risks related to regulatory approvals, delays in commencement of preclinical and clinical studies, costs associated with our drug discovery and development programs, and risks related to the outcome of our business development activities.  These and other risks and uncertainties are described more fully in our most recently filed SEC documents, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q, under the headings “Risk Factors.”  All forward-looking statements contained in this press release speak only as of the date on which they were made.  We undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Monday, April 12th, 2010 Uncategorized