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Ardelyx Reports Second Quarter 2014 Financial Results
Date:8/7/2014

FREMONT, Calif., Aug. 7, 2014 /PRNewswire/ -- Ardelyx, Inc. (NASDAQ: ARDX), a clinical-stage biopharmaceutical company focused on cardio-renal, gastrointestinal and metabolic diseases, today announced financial results for the second quarter ended June 30, 2014.

Summary of First Half 2014 Accomplishments

  • Ardelyx raised net proceeds of approximately $61.2 million in an initial public offering of its common stock, and on June 19, 2014, its shares began trading on the NASDAQ Global Market(SM) under the symbol "ARDX".
  • The Company received a milestone payment under its collaboration agreement with AstraZeneca of $25.0 million in May 2014 for the initiation of a Phase 2b clinical trial evaluating tenapanor for the treatment of hyperphosphatemia, or elevated serum phosphorus, in patients with end-stage renal disease on hemodialysis (ESRD-HD).
  • Tenapanor, which has been shown in clinical trials to reduce the intestinal absorption of both dietary sodium and phosphorus, is currently being evaluated by Ardelyx and AstraZeneca in three separate Phase 2 clinical trials involving patients with constipation-predominant irritable bowel syndrome (IBS-C), end-stage renal disease (ESRD), and chronic kidney disease (CKD). The data from these trials are expected as follows:
  • Phase 2b results evaluating tenapanor to treat IBS-C in 4Q2014
  • Phase 2b results evaluating tenapanor to treat hyperphosphatemia in ESRD patients in 1H2015
  • Phase 2a results evaluating tenapanor to treat CKD patients with type 2 diabetes mellitus and albuminuria in 2H2015
  • In Ardelyx's collaboration with AstraZeneca, a total of 12 clinical trials of tenapanor have been completed or are ongoing, enrolling over 1,200 subjects, including over 830 subjects who have been administered tenapanor to date.
  • In February 2014, Ardelyx licensed its novel Na
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  • SOURCE Ardelyx, Inc.
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