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Ardelyx prices $50M common stock offering

Ardelyx Inc. priced its public offering of 12.5 million common shares at $4 apiece to raise about $50 million in gross proceeds.

The Fremont, Calif.-based biopharmaceutical company granted the underwriters an option to buy up to an additional 1,875,000 shares.

Ardelyx plans to use the net proceeds and other cash available for the clinical development and commercialization of its medicine tenapanor to treat hyperphosphatemia in patients with end-stage renal disease who are on dialysis.

In addition, the company plans to use these funds for developing its RDX013 program to treat hyperkalemia — a blood disorder — for costs related to a new drug application for tenapanor to treat irritable bowel syndrome with constipation, and for general corporate purposes and working capital.

The offering is expected to close May 25, subject to customary closing conditions.

Jefferies and Leerink Partners are acting as joint book-running managers for the proposed offering.