FREMONT, Calif., May 21, 2018 /PRNewswire/ -- Ardelyx, Inc.
(Nasdaq: ARDX), today announced that it has commenced an
underwritten public offering of up to $50,000,000 of shares of its common stock. All of
the shares to be sold in the offering will be offered by Ardelyx.
In addition, Ardelyx intends to grant the underwriters of the
offering the right for a period of 30 days to purchase up to an
additional $7,500,000 of shares of
common stock at the public offering price, less underwriting
discounts and commissions. The offering is subject to market and
other conditions, and there can be no assurance as to whether or
when the offering may be completed.
Ardelyx currently expects to use its existing cash, cash
equivalents and short-term investments and the net proceeds of the
offering to support its clinical development and
pre-commercialization efforts for tenapanor for the treatment of
hyperphosphatemia in patients with end-stage renal disease who are
on dialysis, including the ongoing second Phase 3 clinical trial
evaluating tenapanor for such indication, its manufacturing efforts
for tenapanor, research and development efforts for its RDX013
program, the preparation and submission of a New Drug Application
for tenapanor for irritable bowel syndrome with constipation and
for general corporate purposes and working capital.
Jefferies and Leerink Partners are acting as joint book-running
managers for the proposed offering.
A registration statement relating to these securities has been
filed with the U.S. Securities and Exchange Commission (SEC) and
became effective on July 20, 2015.
The offering is being made only by means of a written prospectus
and prospectus supplement that will form a part of the registration
statement. A preliminary prospectus supplement and the accompanying
prospectus relating to the offering will be filed with the SEC and
will be available on the SEC's website at www.sec.gov. Copies of
the preliminary prospectus supplement relating to this offering may
be obtained by contacting Jefferies LLC, Attention: Equity
Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor,
New York, NY 10022, by e-mail at
prospectus_department@jefferies.com or by phone at (877) 821-7388;
or Leerink Partners LLC, Attention: Syndicate Department, One
Federal Street, 37th Floor, Boston,
MA, 02110, by email at syndicate@leerink.com or by
phone at (800) 808-7525, ext. 6132.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful, prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Ardelyx
Ardelyx is focused on enhancing the way people with renal
diseases are treated by developing first-in-class
medicines. Ardelyx's renal pipeline includes the Phase 3
development of tenapanor for the treatment of hyperphosphatemia in
people with end-stage renal disease who are on dialysis 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 has completed Phase 3 development of
tenapanor for the treatment of irritable bowel syndrome with
constipation and anticipates submitting a New Drug Application to
the U.S. Food and Drug Administration for this indication
in the second half of 2018. To efficiently bring its treatments to
market, Ardelyx is pursing strategic collaborations in
the U.S. and outside the U.S., including through established
agreements with Kyowa Hakko Kirin in Japan, Fosun
Pharma in China and Knight
Therapeutics in Canada.
Forward Looking Statements
To the extent that statements contained in this press release
are not descriptions of historical facts regarding Ardelyx, they
are forward-looking statements reflecting the current beliefs and
expectations of management made pursuant to the safe harbor of the
Private Securities Reform Act of 1995, including Ardelyx's expected
use of proceeds from the proposed public offering, Ardelyx's future
development plans for its product candidates and the timing and
costs thereof, and Ardelyx's ability to enter into strategic
collaborations to commercialize its product candidates. Such
forward-looking statements involve substantial risks and
uncertainties that could cause the development of Ardelyx's product
candidates, or Ardelyx's future results, performance or
achievements to differ significantly from those expressed or
implied by the forward-looking statements. Such risks and
uncertainties include, among others, the uncertainties related to
market conditions and the completion of the public offering on the
anticipated terms or at all and the uncertainties inherent in
research and the clinical development process. Ardelyx undertakes
no obligation to update or revise any forward-looking statements.
For a further description of the risks and uncertainties that could
cause actual results to differ from those expressed in these
forward-looking statements, as well as risks relating to Ardelyx's
business in general, please refer to Ardelyx's prospectus
supplement to be filed with the Securities and Exchange Commission
on May 21, 2018, including the
documents incorporated by reference therein, which includes
Ardelyx's annual report on Form 10-K filed with the Securities and
Exchange Commission on March 14,
2018, its quarterly report on Form 10-Q filed with the
Securities and Exchange Commission on May 8,
2018, and its future current and periodic reports to be
filed with the Securities and Exchange Commission.
View original content with
multimedia:http://www.prnewswire.com/news-releases/ardelyx-announces-proposed-public-offering-of-common-stock-300652125.html
SOURCE Ardelyx