FREMONT, Calif., Jan. 6, 2016 /PRNewswire/ -- Ardelyx, Inc.
(NASDAQ: ARDX), a clinical-stage biopharmaceutical company focused
on gastrointestinal and cardio-renal diseases, today announced that
it has commenced an underwritten public offering of up to
$75,000,000 of shares of its common
stock. All of the shares to be sold in the offering will be offered
by Ardelyx. In addition, Ardelyx intends to grant the
underwriters of the offering the right for a period of 30 days to
purchase up to an additional $11,250,000 of shares of common stock at the
public offering price, less underwriting discounts and commissions.
The offering is subject to market and other conditions, and there
can be no assurance as to whether or when the offering may be
completed.
![Ardelyx logo Ardelyx logo](http://photos.prnewswire.com/prnvar/20140619/119451)
Ardelyx intends to use its existing cash and cash equivalents
and the net proceeds of the offering to support the tenapanor and
RDX022 Phase 3 clinical programs, including manufacturing of
clinical trial materials, as well as to support the IND filing for
RDX009 and to fund additional research and development for its
earlier stage programs.
Citigroup and Leerink Partners LLC are acting as joint
book-running managers for the proposed offering. Wedbush PacGrow is
acting as lead manager, and JMP Securities LLC, Cantor Fitzgerald
& Co. and Ladenburg Thalmann are acting as co-managers.
A registration statement relating to these securities has been
filed with the U.S. Securities and Exchange Commission (SEC) and
became effective on July 20, 2015.
The offering is being made only by means of a prospectus supplement
filed today with the SEC. Copies of the preliminary prospectus
supplement relating to this offering may be obtained by contacting
Citigroup Global Markets Inc., c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood,
NY, 11717, by email at prospectus@citi.com or by phone at
(800) 831-9146 or from Leerink Partners LLC, Attention: Syndicate
Department, One Federal Street, 37th Floor, Boston, MA, 02110, by email at
syndicate@leerink.com, or by phone at (800) 808-7525, ext.
6142.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful, prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Ardelyx
Ardelyx is a clinical-stage
biopharmaceutical company focused on the discovery, development and
commercialization of innovative, minimally-systemic, small molecule
therapeutics that work exclusively in the gastrointestinal tract to
treat gastrointestinal and cardio-renal diseases. Ardelyx has
developed a proprietary drug discovery and design platform enabling
it, in a rapid and cost-efficient manner, to discover and design
novel drug candidates. Utilizing this platform, Ardelyx has
discovered and designed tenapanor, which it is evaluating for the
treatment of constipation-predominant irritable bowel syndrome, or
IBS-C, and management of hyperphosphatemia in patients with end
stage renal disease. In addition to tenapanor, Ardelyx is
developing RDX022, a non-absorbed polymer for the treatment of
hyperkalemia, or high potassium, in kidney and heart disease
patients. Ardelyx is also advancing several research programs
focused in gastrointestinal and cardio-renal diseases. Ardelyx is
located in Fremont,
California.
Forward Looking Statements
To the extent that
statements contained in this press release are not descriptions of
historical facts regarding Ardelyx, they are forward-looking
statements reflecting the current beliefs and expectations of
management made pursuant to the safe harbor of the Private
Securities Reform Act of 1995, including Ardelyx's future
development plans for its product candidates and the timing and
costs thereof, and the potential of Ardelyx's drug discovery and
design platform. Such forward-looking statements involve
substantial risks and uncertainties that could cause the
development of tenapanor and RDX022, or Ardelyx's future results,
performance or achievements to differ significantly from those
expressed or implied by the forward-looking statements. Such risks
and uncertainties include, among others, the uncertainties related
to market conditions and the completion of the public offering on
the anticipated terms or at all, the uncertainties inherent in
research and the clinical development process and the uncertainties
in the manufacture of clinical trial material, including process
development and scale up of manufacturing
processes. Ardelyx undertakes no obligation to update or
revise any forward-looking statements. For a further description of
the risks and uncertainties that could cause actual results to
differ from those expressed in these forward-looking statements, as
well as risks relating to Ardelyx's business in general, please
refer to Ardelyx's prospectus supplement to be filed with the
Securities and Exchange Commission on January 6, 2016, including the documents
incorporated by reference therein, which includes Ardelyx's
quarterly report on Form 10-Q filed with the Securities and
Exchange Commission on November 12,
2015, and its future current and periodic reports to be
filed with the Securities and Exchange Commission.
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SOURCE Ardelyx