WALTHAM,
Mass., Nov. 2, 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 October 26, 2022,
the compensation committee of the company's board of directors
granted three new non-executive employees options to purchase an
aggregate of 127,907 shares of the company's common stock, and an
aggregate of 31,875 Restricted Stock Units (RSUs). Each stock
option has an exercise price per share equal to $1.40 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 employee's first date of
employment, 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's first approved product,
IBSRELA® (tenapanor) is available in the
United States and Canada.
Ardelyx is developing XPHOZAH® (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 has a Phase 2 potassium lowering compound, RDX013, for the
potential treatment of elevated serum potassium, or hyperkalemia, a
problem among certain patients with kidney and/or heart disease and
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