Ardelyx, Inc. Reports Employment Inducement Grants
Rhea-AI Summary
Ardelyx, Inc. granted new options and RSUs to non-executive employees as inducements for employment.
09/07/2023 - 08:00 AM
WALTHAM, Mass., Sept. 07, 2023 (GLOBE NEWSWIRE) -- 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 September 6, 2023, the compensation committee of the company’s board of directors granted two new non-executive employees options to purchase an aggregate of 65,828 shares of the company’s common stock, and granted three new non-executive employees an aggregate of 39,550 Restricted Stock Units (RSUs). Each stock option has an exercise price per share equal to $4.73 per share, which was the closing trading price of the company’s common stock on the date of grant. 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. ® (tenapanor) is available in the United States and Canada. Ardelyx is developing XPHOZAH® (tenapanor), a novel product candidate to control serum phosphorus in adult patients with chronic kidney disease (CKD) on dialysis who have had an inadequate response or intolerance to phosphate binder therapy, which has completed three successful Phase 3 trials and an additional two Phase 4 open label trials. Ardelyx has a Phase 2 potassium lowering compound, RDX013, for the potential treatment of elevated serum potassium, or hyperkalemia, a problem among certain patients with kidney and/or heart disease and an early-stage program in metabolic acidosis, a serious electrolyte disorder in patients with CKD. Ardelyx has established agreements with Kyowa Kirin in Japan, Fosun Pharma in China and Knight Therapeutics in Canada for the development and commercialization of tenapanor in their respective territories. For more information, please visit https://ardelyx.com/ X (formerly Twitter) LinkedIn Facebook
Investor and Media Contacts: clowie@ardelyx.com
Kimia Keshtbodkkhestbod@ardelyx.com
Source: Ardelyx, Inc.
ARDX Stock Data
Industry
Pharmaceutical Preparation Manufacturing
Sector
Manufacturing
Tags
Health Technology, Biotechnology, Manufacturing, Pharmaceutical Preparation Manufacturing
Country
US
About ARDX
ardelyx is focused on enhancing the way people with renal diseases are treated by developing first-in-class medicines. ardelyx's renal pipeline includes the phase 3 development of tenapanor for the treatment of hyperphosphatemia in people with end-stage renal disease who are 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 completed phase 3 development of tenapanor for the treatment of irritable bowel syndrome with constipation and anticipates submitting a new drug application to the u.s. food and drug administration for this indication in the second half of 2018. to efficiently bring its treatments to market, ardelyx is pursing strategic collaborations in the u.s. and other countries, including through established agreements with kyowa hakko kirin in japan, fosun pharma in china and knight therapeutics in canada.
