Ardelyx, Inc. announced it raised $77.8 Million in an initial filing from an offering of $108 Million
Ardelyx, Inc. announced it raised $77.8 Million in an initial filing from an offering of $108 Million
06/22/15, 6:14 PM
Location
Money raised
$77.8 million
Industry
health care
Company Info
Company
ARDELYX, INC.
Location
waltham, massachusetts, united states
Additional Info
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 the company may receive up to $20 million from HealthCare Royalty Partners (HealthCare Royalty) from the sale of its future royalties and sales milestones from Kyowa Kirin Co., Ltd (Kyowa Kirin), its collaboration partner in Japan for the commercialization of tenapanor for hyperphosphatemia. They have been following the progress Kyowa Kirin has made in the development of tenapanor in Japan and this financing further validates the value and potential of tenapanor to treat patients with hyperphosphatemia," said Mike Raab, president and chief executive officer of Ardelyx. Under the terms of the agreement, Ardelyx will receive from HealthCare Royalty a $10 million upfront payment, an additional $5 million following Kyowa Kirin's receipt of regulatory approval to market tenapanor for hyperphosphatemia in Japan, and $5 million in the event net sales in Japan exceed a certain target level by 2025. Ardelyx was founded with a mission to discover, develop and commercialize innovative first-in-class medicines that meet significant unmet medical needs. Ardelyx is developing XPHOZAH® (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 has a Phase 2 potassium secretagogue program, 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.