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UPDATE 1-Ardea's 4th-qtr disappoints, shares slip
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March 24 (Reuters) - Ardea Biosciences Inc (RDEA.O) posted a wider-than-expected fourth-quarter loss, and its shares fell about 8 percent in light morning trade.
The company, which is developing products to treat viral diseases, cancer and inflammatory diseases, posted a quarterly loss of $9.1 million, or 86 cents a share, on revenue of $268,000.
Analysts on average expected the San Diego-based company to report a loss of 78 cents a share, before exceptional items, on revenue of $1.1 million, according to Reuters Estimates.
Last year, the company had a loss of $476,000, or 5 cents a share, and had no revenue.
The wider loss this quarter reflects rebuilding of the company's operations and its advancing drug development programs, it said in a statement.
Ardea expects net cash usage for 2008 to be between $45 million and $50 million.
The company's shares fell $1.13 to $13.06 in morning trade on Nasdaq. (Reporting by Varsha Tickoo in Bangalore; Editing by Jarshad Kakkrakandy)
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