Ardelyx, Inc. Reports Employment Inducement Grants
28 Marzo 2024 - 2:05PM
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 25, 2024, the
compensation committee of the company’s board of directors granted
a non-qualified stock option award to purchase 205,000 shares of
its common stock and a restricted stock unit award for 160,000
shares in connection with the commencement of employment of its new
Executive Vice President, Corporate Development and Strategy,
Michael Kelliher. In addition, the compensation committee of the
company’s board of directors also granted 14 new non-executive
employees options to purchase an aggregate of 400,500 shares of the
company’s common stock, and an aggregate of 283,725 Restricted
Stock Units (RSUs). The stock option granted to Mr. Kelliher and
each stock option granted to the non-executive employees has an
exercise price equal to $7.70 per share, which was the closing
trading price of the company’s common stock on the date of grant.
The stock options and RSUs granted to Mr. Kelliher and all
non-executive employees 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).
The stock option granted to Mr. Kelliher and
each stock option granted to the non-executive employees vest 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. The RSU granted to Mr.
Kelliher and each RSU granted to the non-executive employees vest
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.
Investor and Media Contacts:Caitlin
Lowieclowie@ardelyx.com
Ardelyx (NASDAQ:ARDX)
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