Ardelyx, Inc. Reports Employment Inducement Grants
WALTHAM, Mass., Feb. 4, 2022 /PRNewswire/ -- 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 February 1, 2022, the compensation committee of the company's board of directors granted four new non-executive employees options to purchase an aggregate of 35,547 shares of the company's common stock, and granted an aggregate of 25,750 Restricted Stock Units (RSUs) to five new non-executive employees. Each stock option has an exercise price per share equal to $0.84 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 grant date, 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 grant date, 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.
Ardelyx is focused on discovering, developing and commercializing innovative first-in-class medicines to meet significant unmet medical needs. Ardelyx received approval for IBSRELA® (tenapanor) with plans to launch in the second quarter of 2022. Ardelyx is developing tenapanor, a novel product candidate to control serum phosphorus in adult patients with CKD on dialysis, which has completed three successful Phase 3 trials. Ardelyx is also advancing RDX013, a potassium secretagogue, for the potential treatment of elevated serum potassium, or hyperkalemia, a problem among certain patients with kidney and/or heart disease and has 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.
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Company Codes: NASDAQ-NMS:ARDX