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Notable News Spotlight: Ardelyx (NASDAQ:ARDX)

On Wednesday Ardelyx (NASDAQ:ARDX) stock traded volume of 2304437 shares during its last trading session as compared to its average volume of 733592 shares over the recent month. ARDX ended its day with the negative stream along the move of -15.28% and closed at the price of $6.82 before opening at $8.05. It has total market capitalization is $429032570. 52week range of the stock remained $ 1.6 – 8.31 while its day lowest price was $6.53 and its hit its day highest price at $8.13.

On Dec. 04, 2019, Ardelyx (NASDAQ:ARDX) a specialized biopharmaceutical company focused on developing innovative first-in-class medicines to improve treatment for people with cardiorenal diseases, released that it has commenced an underwritten public offering of up to $80,000,000 of shares of its common stock. All shares of common stock to be sold in the offering will be offered by Ardelyx. In addition, Ardelyx intends to grant the underwriters of the offering the right for a period of 30 days to purchase up to an additional $12,000,000 of shares of common stock at the public offering price, less underwriting discounts and commissions. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Ardelyx intends to use its existing cash, cash equivalents and short-term investments and the net proceeds from the offering to support its activities for the clinical development and potential commercialization of tenapanor for the treatment of hyperphosphatemia in patients with chronic kidney disease, or CKD, on dialysis, for regulatory activities to support the submission of a New Drug Application, in such indication, as well as for clinical trials and nonclinical studies for other product candidates, and for general corporate purposes and working capital.

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