FREMONT, Calif., Jan. 7, 2016 /PRNewswire/ -- Ardelyx, Inc.
(NASDAQ: ARDX), a clinical-stage biopharmaceutical company focused
on gastrointestinal and cardio-renal diseases, today announced the
pricing of an underwritten public offering of 7,500,000 shares
of its common stock at a public offering price of $10.00 per share, before underwriting discounts
and commissions, for gross proceeds of $75,000,000. In addition, the Company has granted
the underwriters of the offering the right for a period of 30 days
to purchase up to an additional 1,125,000 shares of common
stock at the public offering price, less underwriting discounts and
commissions.
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.
The offering is expected to close on or about January 13, 2016, subject to customary closing
conditions.
A registration statement relating to these securities has been
filed with the U.S. Securities and Exchange Commission and became
effective on July 20, 2015. The
offering is being made only by means of a prospectus supplement,
copies of which 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 preliminary prospectus supplement filed with the
Securities and Exchange Commission, 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