Ardelyx Gears Up for Secondary Offering

By Chris Lange Updated Jan 13, 3:15PM EST · Published Jan 8, 11:25AM EST

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Ardelyx Gears Up for Secondary Offering — © Thinkstock

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.
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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.

About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.