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 the pricing
of an underwritten public offering of 20,000,000 shares of its common stock
at a public offering price of $6.25 per share, before underwriting
discounts and commissions, for gross proceeds of $125,000,000.
In addition, Ardelyx has granted the underwriters of the offering
the right for a period of 30 days to purchase up to an
additional 3,000,000 shares of
common stock at the public offering price, less underwriting
discounts and commissions. The offering is expected to close on or
about December 9, 2019, subject to
customary closing conditions.
Ardelyx currently expects 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
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 form a part of the registration statement,
copies of which may be obtained when available 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 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, 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 the expected
closing of the public offering, Ardelyx's expected use of proceeds
from the 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, the
uncertainties inherent in research and 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 dated December 4,
2019 filed with the Securities and Exchange
Commission and the final prospectus
supplement related to the offering to be filed with the Securities
Exchange Commission, each 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
6, 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