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Solar Capital, Bridge Bank Provide $50MM to Ardelyx

May 22, 2018, 08:00 AM
Filed Under: Life Sciences

Ardelyx, Inc., a developer of medical therapies, announced it has entered into a $50 million senior secured term loan facility with Solar Capital Ltd. and the Life Sciences Group at Bridge Bank, a division of Western Alliance Bank. The loan was funded in full on May 16, 2018.

"With this additional capital, we have strengthened our position to execute our business strategy of developing disruptive treatments for renal diseases," said Mike Raab, president and chief executive officer of Ardelyx. "By using this debt instrument, we are able to reduce dilution to our shareholders in a meaningful way, while positioning us well to achieve several important milestones, including submitting the first New Drug Application for tenapanor in the second half of the year and advancing our second Phase 3 study of tenapanor in hyperphosphatemia."

The loan agreement with Solar Capital Ltd. and Bridge Bank provides for a $50.0 million senior secured term loan facility with a maturity date of November 1, 2022, or approximately 54 months after its initiation, with an interest rate of 7.45 percent plus the 30-day LIBOR. Additional information regarding the transaction can be found in the company's filings with the Securities and Exchange Commission on May 21, 2018, and its future current and periodic reports to be filed with the Securities and Exchange Commission.

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