ARDELYX, INC. (NASDAQ:ARDX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
As previously disclosed in the Quarterly Report on Form 10-Q of Ardelyx, Inc. (the “Company”) for the quarter-ended June30, 2017 filed on August9, 2017 with the Securities and Exchange Commission, on August7, 2017, Paul Korner M.D., M.B.A. informed the Company of his resignation, effective in early September 2017, as the Company’s Executive Vice President, Chief Medical Officer, in order to pursue other career opportunities.
In connection with Dr.Korner’s resignation, on August21, 2017, the Company and Dr.Korner entered into a Transition and Separation Agreement (the “Agreement”), to which Dr.Korner’s employment with the Company will end effective as of the close of business on September8, 2017 (the “Resignation Date”). The Agreement provides for, among other things, (i)a severance payment equal to $103,000, which represents three months of Dr.Korner’s base salary in effect as of immediately prior to the Resignation Date, and (ii)up to three months of continued health care coverage under the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. The foregoing benefits are payable by the Company contingent upon the expiration of a customary revocation period as provided by the Agreement. to the terms of the Agreement, Dr.Korner has provided the Company with a general release of claims against the Company.
The foregoing description of the Agreement between the Company and Dr.Korner is qualified in its entirety by reference to the full text of the agreement, which the Company expects to file as an exhibit to its Quarterly Report on Form 10-Q for the three months ending September30, 2017.
About ARDELYX, INC. (NASDAQ:ARDX)
Ardelyx, Inc. is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of minimally systemic therapeutic drugs that work in the gastrointestinal (GI) tract to treat GI and cardio-renal diseases. The Company operates through research, development and commercialization of biopharmaceutical products segment. It has discovered and designed its lead product candidate, tenapanor, which is a minimally systemic small molecule that acts locally in the GI tract to inhibit the sodium transporter sodium-hydrogen exchanger 3 (NHE3) and reduce sodium and phosphorus uptake from the gut. It is evaluating tenapanor in over two pivotal Phase III clinical studies in patients with constipation-predominant irritable bowel syndrome (IBS-C). It is developing RDX022 for the treatment of hyperkalemia. RDX022 is its oral, non-absorbed potassium-binder. Its development programs also include RDX009 Program, RDX013 Program and RDX011 Program.
