FREMONT, Calif., May 21, 2020 /PRNewswire/ -- Ardelyx, Inc.
(Nasdaq: ARDX), a specialized biopharmaceutical company
focused on developing innovative first-in-class medicines to
improve treatment for people with kidney and cardiovascular
diseases, today announced that on May
18, 2020, the compensation committee of the Company's Board
of Directors granted a non-qualified stock option award to purchase
232,750 shares of its common stock and a restricted stock unit
award for 20,000 shares in connection with the commencement of
employment of its new Chief Commercial Officer, Susan Rodriguez, under the Company's 2016
Employment Commencement Incentive Plan (the "Inducement Plan"). The
stock options and restricted stock units were granted as an
inducement material to Ms. Rodriguez becoming an employee of the
Company in accordance with Nasdaq Listing Rule
5635(c)(4).
![Ardelyx logo (PRNewsFoto/Ardelyx) Ardelyx logo (PRNewsFoto/Ardelyx)](https://mma.prnewswire.com/media/119451/ardelyx_logo.jpg)
The Inducement Plan is used exclusively for the grant of equity
awards to individuals who were not previously employees of the
Company (or following a bona fide period of non-employment), as an
inducement material to such individual's entering employment with
Ardelyx pursuant to Rule 5635(c)(4) of the Nasdaq Listing
Rules.
The option has an exercise price of $7.70 per share, which is equal to the closing
price of Ardelyx' common stock on the Nasdaq Global Select Market
on May 18, 2020. The option
will vest over a four-year period, with 25% of the shares vesting
on the one-year anniversary of the date of grant, and thereafter
the remaining shares will vest monthly over period of 36 months,
subject to the employee's continued service to the Company on such
vesting dates. The restricted stock units will vest upon the
achievement of specified performance conditions, subject to the
employee's continued service to the Company on such vesting
date.
About Ardelyx, Inc.
Ardelyx is focused on enhancing
the way people with kidney and cardiovascular diseases are treated
by developing innovative first-in-class medicines. Ardelyx's
pipeline includes tenapanor for the control of serum phosphorus in
adult patients with CKD on dialysis, for which the Company is
preparing for NDA filing mid-year, 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 received FDA approval of
IBSRELA® (tenapanor) on September 12, 2019. Ardelyx has established
agreements with Kyowa Kirin Corporation in Japan, Fosun Pharma in China and Knight Therapeutics in Canada for the development and
commercialization of tenapanor in the respective territories.
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SOURCE Ardelyx