FREMONT, Calif., Jan. 13, 2016 /PRNewswire/ -- Ardelyx, Inc.
(NASDAQ: ARDX), a clinical-stage biopharmaceutical company focused
on gastrointestinal and cardio-renal diseases, today announced the
completion of its previously announced underwritten public offering
of 8,625,000 shares of its common stock at a public offering price
of $10.00 per share, which includes
the exercise in full of the underwriters' right to purchase up to
an additional 1,125,000 shares of common stock. All shares in the
offering were sold by Ardelyx, with gross proceeds to Ardelyx of
approximately $86.3 million and net
proceeds of approximately $80.4
million, after deducting underwriting discounts and
commissions and estimated offering expenses.
Citigroup and Leerink Partners LLC acted as joint book-running
managers for the proposed offering. Wedbush PacGrow acted as lead
manager, and JMP Securities LLC, Cantor Fitzgerald & Co. and
Ladenburg Thalmann acted as co-managers for the offering.
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 was made only by means of a prospectus supplement. A copy
of the final prospectus supplement related to the 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.
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SOURCE Ardelyx