FREMONT, Calif., May 21, 2018 /PRNewswire/ -- Ardelyx, Inc.
(Nasdaq: ARDX), today announced it has entered into a $50.0 million senior secured term loan facility
with Solar Capital Ltd. and the Life Sciences Group at Bridge Bank,
a division of Western Alliance Bank. The loan was funded in full on
May 16, 2018.
"With this additional capital, we have strengthened our position
to execute our business strategy of developing disruptive
treatments for renal diseases," said Mike
Raab, president and chief executive officer of Ardelyx. "By
using this debt instrument, we are able to reduce dilution to
our shareholders in a meaningful way, while positioning us well to
achieve several important milestones, including submitting the
first New Drug Application for tenapanor in the second half of the
year and advancing our second Phase 3 study of tenapanor in
hyperphosphatemia."
About the Loan Agreement
The loan agreement with Solar
Capital Ltd. and Bridge Bank provides for a $50.0 million senior secured term loan facility
with a maturity date of November 1,
2022, or approximately 54 months after its initiation, with
an interest rate of 7.45 percent plus the 30-day LIBOR. Additional
information regarding the transaction can be found in the company's
filings with the Securities and Exchange Commission on May 21, 2018, and its future current and periodic
reports to be filed with the Securities and Exchange
Commission.
About Ardelyx, Inc.
Ardelyx is focused on enhancing
the way people with renal diseases are treated by developing
first-in-class medicines. Ardelyx's renal pipeline includes the
Phase 3 development of tenapanor for the treatment of
hyperphosphatemia in people with end-stage renal disease who are on
dialysis and RDX013, a potassium secretagogue program for the
potential treatment of high potassium, or hyperkalemia, a problem
among certain patients with kidney and/or heart disease. In
addition, Ardelyx has completed Phase 3 development of tenapanor
for the treatment of irritable bowel syndrome with constipation and
anticipates submitting a New Drug Application to the U.S. Food and
Drug Administration for this indication in the second half of 2018.
To efficiently bring its treatments to market, Ardelyx is pursing
strategic collaborations in the U.S. and other
countries, including through established agreements with
Kyowa Hakko Kirin in Japan, Fosun
Pharma in China and Knight
Therapeutics in Canada. For more
information, please visit www.ardelyx.com/ and connect with us on
Twitter @Ardelyx.
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 the potential for
Ardelyx's product candidates in treating the diseases and
conditions for which they are being developed; Ardelyx's expected
timing for the filing of its NDA for tenapanor for the treatment of
IBS-C, and Ardelyx's ability to establish collaborations in the
future. Such forward-looking statements involve substantial risks
and uncertainties that could cause the development of Ardelyx's
product candidates 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, those uncertainties regarding
the clinical development and regulatory process. 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 quarterly report on
Form 10-Q filed with the Securities and Exchange Commission on
May 8, 2018, and its future current
and periodic reports to be filed with the Securities and Exchange
Commission.
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SOURCE Ardelyx