Ardelyx, Inc. Reports Employment Inducement Grants
13 April 2023 - 10:05PM
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 April 10, 2023, the compensation committee
of the company’s board of directors granted three new non-executive
employees options to purchase an aggregate of 238,426 shares of the
company’s common stock, and granted four new non-executive
employees an aggregate of 89,250 Restricted Stock Units (RSUs).
Each stock option has an exercise price per share equal to $4.26
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).
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. For more information, please visit
https://ardelyx.com/ and connect with us on Twitter, LinkedIn and
Facebook.
Investor and Media Contacts: Caitlin
Lowieclowie@ardelyx.com
Kimia Keshtbod kkeshtbod@ardelyx.com
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