WALTHAM, Mass., March 9, 2022 /PRNewswire/ -- Ardelyx, Inc.
(Nasdaq: ARDX), a biopharmaceutical company founded with a mission
to discover, develop and commercialize innovative first-in-class
medicines that meet significant unmet medical needs, today
announced that on March 4, 2022, the
compensation committee of the company's board of directors granted
ten new non-executive employees options to purchase an aggregate of
105,470 shares of the company's common stock, and granted an
aggregate of 71,250 Restricted Stock Units (RSUs) to eleven new
non-executive employees. Each stock option has an exercise price
per share equal to $0.92 per share,
which was the closing trading price of the company's common stock
on the date of grant. The stock options and RSUs were granted as
inducements material to each employee's decision to enter into
employment with Ardelyx, in accordance with Nasdaq Listing Rule
5635(c)(4).
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Each stock option vests over four years, with 25% of the shares
vesting on the first anniversary of the grant date, and the
remaining 75% of shares vesting monthly thereafter. Each RSU vests
over four years, with 25% vesting on the first company designated
quarterly RSU vest date following the first anniversary of the
employee's first day of employment, and the remaining 75% of shares
vesting quarterly thereafter. Each stock option has a 10-year term,
and each option and RSU is subject to the terms and conditions of
the company's 2016 Employment Commencement Incentive Plan and the
award agreement covering the grant.
About Ardelyx, Inc.
Ardelyx was founded with a mission to discover, develop and
commercialize innovative first-in-class medicines that meet
significant unmet medical needs. Ardelyx received approval for
IBSRELA (tenapanor) with plans to launch in the second quarter of
2022. Ardelyx is developing tenapanor, a novel product candidate to
control serum phosphorus in adult patients with CKD on dialysis,
which has completed three successful Phase 3 trials. Ardelyx is
also advancing RDX013, a potassium secretagogue, for the potential
treatment of elevated serum potassium, or hyperkalemia, a problem
among certain patients with kidney and/or heart disease and has an
early-stage program in metabolic acidosis, a serious electrolyte
disorder in patients with CKD. 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 their respective territories.
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SOURCE Ardelyx