WALTHAM,
Mass., May 16, 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 May 9, 2022, the
compensation committee of the company's board of directors granted
three new non-executive employees options to purchase an aggregate
of 26,953 shares of the company's common stock, and granted an
aggregate of 29,250 Restricted Stock Units (RSUs) to six new
non-executive employees. Each stock option has an exercise price
per share equal to $0.72 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. 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 secretagogue program, 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