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Ardea Biosciences Inc. Rose To A New High On Study Results

1/10/2011 6:50 AM ET

Ardea Biosciences Inc. (RDEA: Quote) announced positive preliminary results from its Phase 2b study of RDEA594 after the close Thursday, in combination with allopurinol. The primary and secondary endpoints of the trial were both achieved.

Ardea Biosciences Inc. gapped open higher Friday and climbed throughout the first hour of trade. Shares finished up by 2.57 at $28.66 on above average volume. The stock broke out of a 2 1/2 week range and closed at a new high for the year.

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by RTT Staff Writer

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