Ardelyx, Inc. Reports Employment Inducement Grants
May 30 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 23, 2024, the
compensation committee of the company’s board of directors granted
10 new non-executive employees options to purchase an aggregate of
210,000 shares of the company’s common stock, and granted 13 new
non-executive employees an aggregate of 179,050 Restricted Stock
Units (RSUs). Each stock option has an exercise price equal
to $7.44 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
Source: Ardelyx, Inc.
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