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Ardelyx announces public stock offering

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Clinical-stage biopharmaceutical company Ardelyx has announced an underwritten public offering of up to $75 million of common stock shares.

The company will offer all shares and will give underwriters 30 days to buy as much as an additional $11,250,000 of common stock shares at the public offering price, less underwriting discounts and commissions, according to a press release.

“The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed,” according to the press release.

The company plans to use its existing cash, cash equivalents and net proceeds from the offering to fund phase 3 clinical programs for tenapanor (RDX5791), a therapeutic in development for constipation-predominant irritable bowel syndrome, and RDX022, in development for hyperkalemia. This funding support will also include clinical trial material manufacturing; Investigational New Drug filing for RDX009, in development for a number of potential indications, including inflammatory bowel disease, short bowel syndrome and chemotherapy induced diarrhea; and research and development for earlier stage programs.

The offering’s joint book-running managers are Citigroup and Leerink Partners, its lead manager is Wedbush PacGrow and its co-managers are JMP Securities, Cantor Fitzgerald & Co. and Ladenburg Thalmann, according to the press release.

“A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (SEC) and became effective on July 20, 2015,” according to the press release. “The offering is being made only by means of a prospectus supplement filed today with the SEC.”