Ardelyx Announces $50 Million of Additional Committed Capital following FDA Approval of XPHOZAH

DENVER, Colo., Oct 18, 2023 ( Ardelyx Inc (NASDAQ: ARDX) announced, after yesterday’s market close, that the U.S. Food and Drug Administration (FDA) approved XPHOZAH(tenapanor), the first and only phosphate absorption inhibitor, to reduce serum phosphorus in adults with chronic kidney disease (CKD) on dialysis as add-on therapy in patients who have an inadequate response to phosphate binders or who are intolerant of any dose of phosphate binder therapy.

The XPHOZAH commercial product launch is expected to start in November and will be aided by an additional $50 million in committed debt financing, at Ardelyx’s election, subject to SLR credit approval, which may be further increased by an additional $50 million.

Ardelyx is trading at $3.85, up $0.40 (+11.59%), on 11.2M premarket shares traded.

Its 52-week range is $1.16 to $5.125. It hit a premarket high of $4.31 and its next key inflection points are $3.99 and $4.24, while the first key support is $3.80.

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