Ardelyx, Inc. Reports Employment Inducement Grants
21 November 2023 - 10:02PM
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 November 20, 2023, the compensation
committee of the company’s board of directors granted fourteen new
non-executive employees options to purchase an aggregate of 221,805
shares of the company’s common stock, and granted sixteen new
non-executive employees an aggregate of 182,068 Restricted Stock
Units (RSUs). Each stock option has an exercise price per share
equal to $4.38 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 has two commercial products approved in the United States,
IBSRELA® (tenapanor) and XPHOZAH® (tenapanor), as well as
early-stage pipeline candidates. Ardelyx has agreements for the
development and commercialization of tenapanor outside of the U.S.
Kyowa Kirin has received approval for PHOZEVEL® (tenapanor) for
hyperphosphatemia in Japan. A New Drug Application for tenapanor
for hyperphosphatemia has been submitted in China with Fosun
Pharma. Knight Therapeutics commercializes IBSRELA in Canada. For
more information, please visit https://ardelyx.com/ and connect
with us on X (formerly known as Twitter), LinkedIn and
Facebook.
Investor and Media Contacts: Caitlin
Lowieclowie@ardelyx.com
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