Ardelyx, Inc. Reports Employment Inducement Grants
May 14 2024 - 4:02PM
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 May 6, 2024, the
compensation committee of the company’s board of directors granted
26 new non-executive employees options to purchase an aggregate of
511,500 shares of the company’s common stock, and granted 32 new
non-executive employees an aggregate of 425,050 Restricted Stock
Units (RSUs). Each stock option has an exercise price equal
to $9.15 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
employee’s first date of employment, 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 employee’s first day of
employment 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 was founded with a mission to discover,
develop and commercialize innovative, first-in-class medicines that
meet significant unmet medical needs. Ardelyx has two commercial
products approved in the United States, IBSRELA® (tenapanor) and
XPHOZAH® (tenapanor). Ardelyx has agreements for the development
and commercialization of tenapanor outside of the U.S. Kyowa Kirin
commercializes PHOZEVEL® (tenapanor) for hyperphosphatemia in
Japan. A New Drug Application for tenapanor for hyperphosphatemia
has been submitted in China with Fosun Pharma. Knight Therapeutics
commercializes IBSRELA in Canada. For more information, please
visit https://ardelyx.com/ and connect with us on X (formerly known
as Twitter), LinkedIn and Facebook.
Investor and Media Contacts:Caitlin
Lowieclowie@ardelyx.com
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