FREMONT, Calif., Dec. 4, 2019 /PRNewswire/ -- Ardelyx, Inc.
(Nasdaq: ARDX), a specialized biopharmaceutical company focused on
developing innovative first-in-class medicines to improve treatment
for people with cardiorenal diseases, today announced that it has
commenced an underwritten public offering of up to $80,000,000 of shares of its common stock. All
shares of common stock 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 $12,000,000 of shares
of common stock at the public offering price, less underwriting
discounts and commissions. The offering is subject to market
conditions, and there can be no assurance as to whether or when the
offering may be completed, or as to the actual size or terms of the
offering.
Ardelyx intends to use its existing cash, cash equivalents and
short-term investments and the net proceeds from the offering to
support its activities for the clinical development and potential
commercialization of tenapanor for the treatment of
hyperphosphatemia in patients with chronic kidney disease, or CKD,
on dialysis, for regulatory activities to support the submission of
a New Drug Application, in such indication, as well as for clinical
trials and nonclinical studies for other product candidates, and
for general corporate purposes and working capital.
Citigroup, Cowen, SVB Leerink and Piper
Jaffray are acting as joint book-running managers for the
proposed offering.
A registration statement on Form S-3 (File No. 333-217441)
relating to these securities has been filed with the U.S.
Securities and Exchange Commission (SEC) and became effective on
May 4, 2017. 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 http://www.sec.gov. When
available, copies of the preliminary prospectus supplement and
accompanying prospectus can be obtained by contacting Citigroup
Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717,
or by telephone at (800) 831-9146; Cowen and Company, LLC c/o
Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY,11717, Attn:
Prospectus Department, by email at
PostSaleManualRequests@broadridge.com or by telephone at (833)
297-2926; SVB Leerink LLC, Attention: Syndicate Department, One
Federal Street, 37th Floor, Boston,
MA 02110, by telephone at (800) 808-7525, ext. 6132 or by
e-mail at syndicate@svbleerink.com; or Piper Jaffray & Co., Attention: Prospectus
Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, or by telephone at
800-747-3924, or by e-mail at prospectus@pjc.com.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or jurisdiction.
About Ardelyx, Inc.
Ardelyx is focused on enhancing the way people with cardiorenal
diseases are treated by developing first-in-class medicines.
Ardelyx's cardiorenal pipeline includes the Phase 3 development of
tenapanor for the treatment of hyperphosphatemia in patients with
CKD 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 received approval of IBSRELA (tenapanor). To
efficiently bring its treatments to market, Ardelyx is pursuing
strategic collaborations for IBSRELA for IBS-C and tenapanor for
hyperphosphatemia in certain territories. Ardelyx has established
agreements with Kyowa Kirin (formerly known as 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, as well as
the completion of the proposed public offering. 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, the uncertainties inherent in the clinical development
process, the uncertainties associated with the regulatory approval
process, and uncertainties in the drug commercialization 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 preliminary prospectus supplement related to the offering
to be filed with the Securities and Exchange Commission, including
the accompanying base prospectus and 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, 2019, its Quarterly Report
on Form 10-Q for the quarter ended March 31,
2019 filed with the Securities and Exchange Commission on
May 7, 2019, its Quarterly Report on
Form 10-Q for the quarter ended June 30,
2019 filed with the Securities and Exchange Commission on
August 9, 2019, its Quarterly Report
on Form 10-Q for the quarter ended September
30, 2019 filed with the Securities and Exchange Commission
on November 6, 2019, and its future
current and periodic reports to be filed with the Securities and
Exchange Commission.
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SOURCE Ardelyx