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Ardelyx, Inc. Reports Employment Inducement Grants
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Rhea-AI Summary
Ardelyx, Inc. granted new non-executive employees stock options and RSUs as inducements for employment, with specific terms and conditions. The options have an exercise price of $8.69 per share, while the RSUs vest over four years. This move aligns with Nasdaq Listing Rule 5635(c)(4) and the company's Employment Commencement Incentive Plan.
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WALTHAM, Mass., March 12, 2024 (GLOBE NEWSWIRE) -- 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 March 9, 2024, the compensation committee of the company’s board of directors granted nine new non-executive employees options to purchase an aggregate of 207,038 shares of the company’s common stock, and granted twelve new non-executive employees an aggregate of 157,450 Restricted Stock Units (RSUs). Each stock option has an exercise price equal to $8.69 per share, which was the closing trading price of the company’s common stock on the last trading date preceding the date of grant, which was a non-trading day. 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) as well as early-stage pipeline candidates. 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.
Ardelyx, Inc. announced that the compensation committee granted nine new non-executive employees options to purchase 207,038 shares of the company's common stock and granted twelve new non-executive employees 157,450 Restricted Stock Units (RSUs).
The exercise price of the stock options granted to employees is $8.69 per share.
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% 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% vesting quarterly thereafter.
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).
ardelyx is focused on enhancing the way people with renal diseases are treated by developing first-in-class medicines. ardelyx's renal pipeline includes the phase 3 development of tenapanor for the treatment of hyperphosphatemia in people with end-stage renal disease who are on dialysis and rdx013, a potassium secretagogue program for the potential treatment of high potassium, or hyperkalemia, a problem among certain patients with kidney and/or heart disease. in addition, ardelyx has completed phase 3 development of tenapanor for the treatment of irritable bowel syndrome with constipation and anticipates submitting a new drug application to the u.s. food and drug administration for this indication in the second half of 2018. to efficiently bring its treatments to market, ardelyx is pursing strategic collaborations in the u.s. and other countries, including through established agreements with kyowa hakko kirin in japan, fosun pharma in china and knight therapeutics in canada.
