Ardea Biosciences Inc. slumped by high 2Q losses

Earlier on Thursday, Ardea Biosciences Inc. announced bigger revenue losses for its second quarter because of a continued experimental study of the drug Lesinurad, used for hyperuricemia and gout.

Hyperuricemia refers to unusually high blood-uric acid levels. Deposition and build up of uric acid crystals in joints and tendons causes a type of arthritis called Gout.

The company experienced revenue losses of nearly $1.3 million, from $3.5 million to $2.2 million. The loss for last year was $12.8 million, or 57 cents per share last year, and that for the latest quarter is $18.1 million, or 68 cents per share.

FactSet surveyed analysts anticipated a decline of 52 cents per share and $2.7 million in revenue.

Ardea explained that its R&D costs as well general admin costs were 21 percent to $15.5 million, and 44 percent to $4.8 million, respectively. According to mid-stage study results reported by the company in May, a combination of lesinurad and another drug decreased the uric acid levels below a clinically significant level in a vast majority of patients who did not respond to another therapy.

In afternoon trading, Ardea shares of Ardea plummeted $1.61, or 8 percent, to $18.49.