Ardea Bio in $40M placing deal

Ardea Biosciences, a US company focused on the discovery and development of small-molecule therapeutics for the treatment of viral diseases, cancer and inflammatory diseases, has entered into a securities purchase agreement with certain institutional investors to raise around $40 million from the private placement of about 3.0 million newly-issued shares of its common stock at a price of $13.25 each. Subject to the satisfaction of customary closing conditions, the financing is expected to close on or about December 21.