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

P2b phosphate transport inhibitor program for the treatment of hyperphosphatemia in ESRD patients to Sanofi in exchange for an upfront payment and potential milestones that could total $198 million.

"Ardelyx achieved several significant milestones in the first half of 2014, including the completion of a successful IPO in June, as well as making significant progress with the clinical development program for tenapanor in collaboration with our partner AstraZeneca, accompanied by receipt of a $25 million development milestone payment," said Mike Raab, President and Chief Executive Officer. "We look forward to presenting the data for tenapanor in patients with IBS-C in the fourth quarter of 2014 as the first of a series of data disclosures from our Phase 2 studies.  We believe that we are well-capitalized to advance and expand our pipeline and further the development of our drug discovery and design platform."

Second Quarter 2014 Financial ResultsFor the three months ended June 30, 2014, the Company reported a net income of $3.8 million, or $0.20 per basic share and $0.18 per diluted share, compared to a net loss of $0.9 million or $0.81 per basic and diluted share, for the same quarter last year.  The increase in earnings per share was primarily driven by the increase in recognized licensing revenue related to one-time milestone payments in accordance with the Company's agreement with AstraZeneca.

Total revenue is comprised of licensing revenue and collaborative development revenue.  Licensing revenue for the three months ended June 30, 2014 was $6.5 million compared to licensing revenue of $2.0 million for the three months ended June 30, 2013. The increase was primarily due to amounts recognized from a $15.0 million milestone payment the Company received in December 2013 related to the amendment to the AstraZeneca agreement and a $25.0 million milestone payment the Company received in May 2014 related to the dosing of the first pat
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SOURCE Ardelyx, Inc.
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