NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Ardelyx, Inc. (“Ardelyx” or the “Company”) (NASDAQ: ARDX) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired Ardelyx securities between August 6, 2020 and July 19, 2021, both dates inclusive (the “Class Period”). Investors have until September 28, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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Ardelyx is a specialized biopharmaceutical company focused on developing medicine to improve treatment for people with cardiorenal disease, including patients with chronic kidney disease (“CKD”) on dialysis suffering from elevated serum phosphorus, or hyperphosphatemia.
In June 2020, Ardelyx submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (“FDA”) for its lead product candidate, tenapanor, a supposedly first-in-class medicine for the control of serum phosphorus in adult patients with CKD on dialysis. Ardelyx’s NDA was purportedly supported by successful Phase 3 studies, which, according to the complaint, showed “improvements” over current treatments and supported tenapanor’s “clinical safety and efficacy,” reinforcing its “potential” to be a “transformative” treatment.
After the market closed on July 19, 2021, however, Ardelyx revealed that it had received a letter from the FDA stating that it had detected issues with both the size and clinical relevance of the drug’s treatment effect.
On this news, the Company’s share price declined, falling $9.71 per share, or nearly 74%, to close at $2.01 per share on July 20, 2021.
If you purchased or otherwise acquired Ardelyx shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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