FREMONT, Calif., May 22, 2018 /PRNewswire/ -- Ardelyx, Inc.
(Nasdaq: ARDX) today announced the pricing of an underwritten
public offering of 12,500,000 shares of its common stock at a
public offering price of $4.00 per
share, before underwriting discounts and commissions, for gross
proceeds of $50,000,000. 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 1,875,000
shares of common stock at the public offering price, less
underwriting discounts and commissions.
![Ardelyx logo (PRNewsFoto/Ardelyx) Ardelyx logo (PRNewsFoto/Ardelyx)](https://mma.prnewswire.com/media/120015/ardelyx_logo.jpg)
Ardelyx currently expects to use its existing cash, cash
equivalents and short-term investments and the net proceeds of the
offering to support its clinical development and
pre-commercialization efforts for tenapanor for the treatment of
hyperphosphatemia in patients with end-stage renal disease who are
on dialysis, including the ongoing second Phase 3 clinical trial
evaluating tenapanor for such indication, its manufacturing efforts
for tenapanor, research and development efforts for its RDX013
program, the preparation and submission of a New Drug Application
for tenapanor for irritable bowel syndrome with constipation and
for general corporate purposes and working capital.
Jefferies and Leerink Partners are acting as joint book-running
managers for the proposed offering.
The offering is expected to close on or about May 25, 2018, 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 written prospectus and
prospectus supplement that form a part of the registration
statement, copies of which may be obtained by contacting
Jefferies LLC, Attention: Equity Syndicate Prospectus Department,
520 Madison Avenue, 2nd Floor, New York,
NY 10022, by e-mail at prospectus_department@jefferies.com
or by phone at (877) 821-7388; or 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. 6132.
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 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 outside the U.S., including through established
agreements with Kyowa Hakko Kirin in Japan, Fosun
Pharma in China and Knight
Therapeutics in Canada.
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 expected
closing of the public offering, Ardelyx's expected use of proceeds
from the public offering, Ardelyx's future development plans for
its product candidates and the timing and costs thereof and
Ardelyx's ability to enter into strategic collaborations to
commercialize its product candidates. 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, 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. 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 annual
report on Form 10-K filed with the Securities and Exchange
Commission on March 14, 2018, its
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