Ardea Biosciences, Inc. (RDEA) Monday released the financial results for the first quarter ended 31 March 2012, reporting a net loss of $40.9 million or $1.25 per share, wider than a net loss of $15.20 million or $0.59 per share reported for the same quarter last year.
The company attributed the wider loss primarily to lower revenue and fluctuations in operating expenses.
Total revenues for the quarter declined to $1.5 million from $1.8 million reported for the corresponding quarter last year.
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