Healthcare Business

Ardelyx Gears Up for Secondary Offering

Ardelyx Inc. (NASDAQ: ARDX) recently filed with the U.S. Securities and Exchange Commission (SEC) regarding a secondary offering. The company just announced the pricing of its 7.5 million shares at $10 per share, with an overallotment option for an additional 1.125 million shares. The entire offering is valued at $86.25 million.

The underwriters for the offering are Citigroup, Leerink Partners, Wedbush PacGrow, JMP Securities, Cantor Fitzgerald and Ladenburg Thalman.

This clinical-stage biopharmaceutical company is focused on the discovery, development and commercialization of innovative, minimally-systemic, small molecule therapeutics that work exclusively in the gastrointestinal tract to treat gastrointestinal and cardio-renal diseases. Ardelyx has developed a proprietary drug discovery and design platform enabling it, in a rapid and cost-efficient manner, to discover and design novel drug candidates.

Utilizing this platform, Ardelyx has discovered and designed tenapanor, which it is evaluating for the treatment of constipation-predominant irritable bowel syndrome and management of hyperphosphatemia in patients with end stage renal disease. In addition to tenapanor, Ardelyx is developing RDX022, a non-absorbed polymer for the treatment of hyperkalemia, or high potassium, in kidney and heart disease patients. Ardelyx is also advancing several research programs focused in gastrointestinal and cardio-renal diseases.

Ardelyx intends to use the net proceeds of this offering to support the tenapanor and RDX022 Phase 3 clinical programs, including manufacturing of clinical trial materials, as well as to support the IND filing for RDX009, and to fund additional research and development for its earlier stage programs.