Renal medicines company Ardelyx Inc (Nasdaq:ARDX) disclosed on Monday the launch of a public offering of up to USD50m common stock.

The company plans to provide the underwriters of the offering with the right for a period of 30 days to purchase up to an additional USD7.5m shares of common stock at the public offering price, less underwriting discounts and commissions.

Net proceeds, its existing cash, cash equivalents and short-term investments, may be used by the company to support its clinical development and pre-commercialisation efforts for tenapanor for hyperphosphatemia for end-stage renal disease, the ongoing second Phase 3 clinical trial of tenapanor, R&D efforts for RDX013 project, the submission of a NDA for tenapanor for irritable bowel syndrome, general corporate purposes as well as working capital.

Jefferies and Leerink Partners are acting as joint book-running managers for the proposed offering.

Subject to market and other conditions, there can be no assurance as to whether or when the offering may be completed.