Ardelyx Closes $30M Series B Financing
Ardelyx, Inc., a Fremont, California-based company that develops novel oral therapeutics to correct mineral metabolism and metabolic disorders, has closed a $30m Series B financing.
The company intends to use the funds to advance its pipeline that includes a clinical stage product, RDX5791, being evaluated in constipation-predominant irritable bowel syndrome (IBS-C) and in the prevention of excess dietary sodium absorption, and two preclinical products, RDX002 in chronic kidney disease and RDX009 in type 2 diabetes. With the proceeds, Ardelyx expects to complete its 180-patient phase 2 clinical trial of RDX5791 in patients with IBS-C as well as a dose-ranging/regimen study of RDX5791 to optimize its potential to prevent the absorption of excess dietary sodium, a new treatment modality to control hypertension.
Both studies are expected to be completed by early 2012.
The company is led by Chairman and CEO Mike Raab.