FREMONT, Calif., June 9, 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 June 8, 2020, the
compensation committee of the Company's Board of Directors granted
a non-qualified stock option award to purchase 195,017 shares of
its common stock and a restricted stock unit award for 10,000
shares in connection with the commencement of employment of its new
Chief Financial Officer, Justin
Renz, 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
Mr. Renz becoming an employee of the Company in accordance with
Nasdaq Listing Rule 5635(c)(4).
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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 individuals entering into
employment with Ardelyx pursuant to Rule 5635(c)(4) of the Nasdaq
Listing Rules.
The option has an exercise price of $7.35 per share, which is equal to the closing
price of Ardelyx' common stock on the Nasdaq Global Select Market
on June 8, 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 submission 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 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