After Initial Rejection, FDA Approves Ardelyx's Kidney Disease-Related Drug
Portfolio Pulse from Vandana Singh
The FDA has approved Ardelyx Inc's (NASDAQ:ARDX) kidney disease-related drug, Xphozah, after initially rejecting it. The drug is the first and only phosphate absorption inhibitor, designed to reduce serum phosphorus in adults with chronic kidney disease on dialysis. Ardelyx has also amended its debt financing agreement with SLR Capital Partners, gaining access to an additional $50 million in committed debt financing. ARDX shares are up 16.20% premarket.
October 18, 2023 | 12:29 pm
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FDA approval of Ardelyx's drug Xphozah and the amendment of its debt financing agreement with SLR Capital Partners could positively impact ARDX's stock.
The FDA approval of Ardelyx's drug Xphozah is a significant milestone for the company, potentially leading to increased revenues. Additionally, the amendment of its debt financing agreement with SLR Capital Partners provides Ardelyx with additional financial resources, which could be used to support the commercial launch of Xphozah. These factors could positively impact ARDX's stock in the short term.
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