SANTA CLARA, Calif.--(BUSINESS WIRE)--April 20, 2006--Ilypsa, Inc., pioneering next-generation non-absorbed polymeric drugs for renal and metabolic disorders, today announced it has completed a Phase 1 clinical trial for ILY101, a novel phosphate binding agent that is being developed for the treatment of hyperphosphatemia, a serious complication in patients with chronic kidney disease (CKD) on dialysis.