Ardelyx, Inc. Reports Employment Inducement Grants
13 March 2024 - 7:35AM
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 March 9, 2024, the
compensation committee of the company’s board of directors granted
nine new non-executive employees options to purchase an aggregate
of 207,038 shares of the company’s common stock, and granted twelve
new non-executive employees an aggregate of 157,450 Restricted
Stock Units (RSUs). Each stock option has an exercise price equal
to $8.69 per share, which was the closing trading price of the
company’s common stock on the last trading date preceding the date
of grant, which was a non-trading day. 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 commercializes 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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