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
Ardelyx, Inc. (the “Company”) announced that Reginald Seeto, MBBS, currently the Company’s Chief Operating Officer, will transition from his current position with the Company effective August3, 2018, after which time, the Company expects that Dr.Seeto will continue to provide transition consulting services to the Company.
On July8, 2018, the Company and Dr.Seeto entered into a Transition and Separation Agreement (the “Agreement”) that, in exchange for a general release of claims against the Company, provides for, among other things, a lump sum severance payment of approximately $417,000, and up to 12 months of premiums for continued health care coverage. The Agreement also provides for Dr.Seeto to provide transition services as a consultant through as late as December15, 2018, during which time Dr.Seeto’s equity awards will remain outstanding and continue to vest.
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.